My Edward Jones story

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Still@jones's picture
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Joined: 2009-03-22

At least you'd be certain Jones won't ask you to reimburse them for training..."if you are going to die someday, you need this hole in the ground today!"I feel bad for you man...it's rough out there...

larivas's picture
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Joined: 2009-10-26

Norcal  -- Thanks for your informative post.  I am actually in your shoes right now.  I'm in my 3rd week prospecting, I have already been to KYC and my eval/grad is in December.  However, everyday that goes by I know that this is not for me.So, are you saying that the non-compete agreement is actually after your "can-sell" date?  If I quit in the next few weeks will there not be an issue?BTW - I agree with you on the training completely and with the quality of the company.  But for me,...I look at my field trainer and everyday and decide that I do not want to be him (meaning I don't want to do what he's doing)  Thanks so much.

SometimesNowhere's picture
Joined: 2008-12-22

larivas wrote:Norcal  -- Thanks for your informative post.  I am actually in your shoes right now.  I'm in my 3rd week prospecting, I have already been to KYC and my eval/grad is in December.  However, everyday that goes by I know that this is not for me.So, are you saying that the non-compete agreement is actually after your "can-sell" date?  If I quit in the next few weeks will there not be an issue?BTW - I agree with you on the training completely and with the quality of the company.  But for me,...I look at my field trainer and everyday decide that I do not want to be him.  Thanks so much.
 
You should change your username. I hope your field trainer does not post here...

voltmoie's picture
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Joined: 2008-11-05

larivas wrote:Norcal  -- Thanks for your informative post.  I am actually in your shoes right now.  I'm in my 3rd week prospecting, I have already been to KYC and my eval/grad is in December.  However, everyday that goes by I know that this is not for me.So, are you saying that the non-compete agreement is actually after your "can-sell" date?  If I quit in the next few weeks will there not be an issue?BTW - I agree with you on the training completely and with the quality of the company.  But for me,...I look at my field trainer and everyday decide that I do not want to be him.  Thanks so much.
 
Here are three good options for you:
 
1. Fire your field trainer and get another.
2. Quit and go find something you like doing better.  No shame in that.
3. Figure out how to make it work for you.
 
Do something about your situation .. don't complain about it.  Good luck!

YumKoolAid's picture
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Joined: 2009-09-29

What was the consensus on the contract voiding if you leave before eval/grad?

B24's picture
B24
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Joined: 2008-07-08

If you're not licensed and have no clients, I don't know what they could come after you for.

BigCheese's picture
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Joined: 2009-07-13

When I read about cases like this or others, I just think Jones is lost. How do these people get hired?

Baldy McGrindy's picture
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Joined: 2009-10-01

I think potential hirees underestimate the difficulty of doorknocking or any prospecting method.  I think Jones needs to take a potential hire as a late stage interview out doorknocking.  Let them see first hand what it's like.  Anyone excited for a job is going to think they'll do whatever it takes until you actually have to do something outside their comfort zone.  Not sure it'd make a big difference but I agree BigCheese, how does this person get hired?  What the picture painted to him that far off? 

YumKoolAid's picture
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Joined: 2009-09-29

I was just wondering if that was the case.  I thought I had already signed my life away for 3 years when I signed the contract.  Apparently I was mistaken.  The only thing that bothers me about the situation is that they can let you go 5-6 months in and then your done.  No more working in the financial sector for 3 years.  Jones model is different compared to other broker/dealers and is tailored to a certain type of person.  Job market is pretty bad right now so quitting just before contract takes effect might not be the best idea.  

Spaceman Spiff's picture
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Joined: 2006-08-08

Baldy - they do require, as a part of the interview process, that you go out and do some doorknocking.  I think the requirement is something like 15 contacts and you do some sort of non-Jones survey.  You don't get the exact doorknocking experience, but you do have to get out of your car, walk to the door or the business and talk with people.   
YKA - Jones won't just let you go for no reason.  You've got to be doing something completely wrong to get fired from Jones.  By completely wrong I mean you have to be sitting in your living room in the fetal position, sucking your thumb, and with a glassy-eyed stare into nowhere muttering things like "That's a great question, I'm glad you asked" or "If you have the money I'd suggest you buy some today."  Yes, it's really that difficult to get fired from Jones as a noob.  If you are doing even 1/10th of the work you really ought to be doing, you can make it at Jones.  If not, you probably ought to brush up on a different hamburger technique...serving them. 

YumKoolAid's picture
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Joined: 2009-09-29

Thanks spaceman that really brightened my day.  Maybe I can go out today and knockout 75-100 contacts.  I feel more alive...

Baldy McGrindy's picture
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Joined: 2009-10-01

I'm a bit removed from Jones but I think the people that leave who get targeted (more than the standard scare letter we all get) by their legal dept. are those that leave within 3 years of can sell who are not fired AND are going to another broker dealer.   If THEY let you go at any time, I don't think they'll stick you with a bill or stop you from taking another job in the industry.  

Curious1's picture
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Joined: 2009-09-15

Baldy, the more I read posts like this the more I think that the "door knocking" is really the breaking point for many and a point that keeps others away entirely. I "get" that back in the day this is how Ted built his business and that the firms faithful have all gone through this path as well but sticking to something that is either costing you quality hires or driving away those you have brought on board seems a little odd.  Before people scream- I realize that for many, this form of prospecting has and does work. However, why not introduce it as one of a few ways- not saying they should teach a newbie 20 different ways to prospect before eval/grad, but why not at least introduce the option of cold calling? I think if nothing else it would bring the firm equal in difficulty to a potential employee trying to decide between Jones and wire. Besides, perhaps some of the folks that wash out knocking doors, might have a far better shot dialing a phone. I realize both are "challenging" methods of prospecting but if you are going to succeed you have to be willing to put the work in one way or another. Why not offer a newbie the flexibility?  I am sure many successful Jones reps cold call once they are through their training so why not have some of them act as the visiting vet and give the newbies a choice in how they begin to market their new business? Just a thought.

voltmoie's picture
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Joined: 2008-11-05

Curious1 wrote:Baldy, the more I read posts like this the more I think that the "door knocking" is really the breaking point for many and a point that keeps others away entirely. I "get" that back in the day this is how Ted built his business and that the firms faithful have all gone through this path as well but sticking to something that is either costing you quality hires or driving away those you have brought on board seems a little odd.  Before people scream- I realize that for many, this form of prospecting has and does work. However, why not introduce it as one of a few ways- not saying they should teach a newbie 20 different ways to prospect before eval/grad, but why not at least introduce the option of cold calling? I think if nothing else it would bring the firm equal in difficulty to a potential employee trying to decide between Jones and wire. Besides, perhaps some of the folks that wash out knocking doors, might have a far better shot dialing a phone. I realize both are "challenging" methods of prospecting but if you are going to succeed you have to be willing to put the work in one way or another. Why not offer a newbie the flexibility?  I am sure many successful Jones reps cold call once they are through their training so why not have some of them act as the visiting vet and give the newbies a choice in how they begin to market their new business? Just a thought.
 
It's a grand idea but in the end would fail.  They would be confussed beyond belief.  Why does Jones need to change a thing about their prospecting methods?  They work and have for decardes.  Our retention rates are no better and no worse than any other firm training guys brand new to the business. Fact is, we are the only firm that prospects via door.  It sets us apart.  That and the fact we made money last year. 
 
Door knocking is not hard work, it's just hard to do.  It's uncomfortable to walk down the street by yourself with dogs barking, people looking, and kids saying "look at the man in the suit" ... but don't tell me for a minute it's hard work.  You can either do it, find another method that works, or find a new job.  Pretty simple if you ask me.
 
With respect to people failing, they think this is easy - because they see the value in their services everyone will.  Then they learn the harsh reality.  You've got to fight for what you get.  You don't have a hunter mentality, think you are smarter than the system, or just did this because you LOVE THE MARKET you fked.  

B24's picture
B24
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Joined: 2008-07-08

Curious, that's what they do.  They encourage you to doorknock to start, but in reality, all they care about are the numbers.  I have never heard of someone being fired that was making their numbers but not doorknocking.  You could sit on your arse and do nothing,but if you were bringing in the gross, they would not do anything until you slipped.  They might be on your case to start building a pipeline, but it is their job to make sure newbs don't fail, so they have to train people down to the lowest common denominator (no experience, no book, no contacts, etc.).  I know a guy in my training class that never doorknocked, not even once.  They gave him a little crap about thinking he would not survive if he didn't start prospecting, but he had a pretty big network from the bank he worked at (consumer lending or something).  But he always hit his numbers, and is employed to this day.  Other guys just cold-called and filled their pipeline with those people ("Yeah, sure I'm doorknocking!" ). 
But they also introduce you to seminars, and they are VERY supportive (pushy) of getting you to network with centers of influence (CPAs, attorneys, etc.).  But hoenstly, other than cold-calling, what else is there??  They need you to start producing right away, and networking ain't gonna produce instant results.
 
So for all those people that say "Jones makes you doorknock - that's stupid."  Well, yes and no.  If you have a better way, DO IT!  Or do BOTH!  they REALLY don't care, as long as you hit your numbers (which are pretty low by the way).  So if you won't doorknock, and you can't hit Jones' low hurdles, well, who's fault is that??

B24's picture
B24
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Joined: 2008-07-08

One other thing, Curious.  I think it's tough for most firms to "teach" cold-calling now.  In my region (being in my county of 250,000), over 90% of people are on the DNC (full disclosure, over 90% of the people in my target demographic of age 50+ homeowners with certain incomes).  And I know this because I have run lists.  Out of like 12,000 HH on the last list I ran (it was a smaller subset of my county), over 10,000 were on the DNC list.
Yes, yes, I know, that means "almost 2000 people to call!", but it is a tiny, tiny number compared to the numebr that you have to dial to make cold calling work.  I would plow through those names in 2 weeks.  And Jones' model doesn't work if you are calling across the country.  We are about face-to-face relationships, so it is just hard to fit in our day and age.  Now, you could say "go cold call local businesses".  Fine.  Many areas of the country have very few local small businesses.  So it would not work everywhere.  But you can always walk up to someone's door, and you can always walk into a business.

Still@jones's picture
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Joined: 2009-03-22

If you are fired...they don't come after you for any money!They can't...they ended the contract.

LeaseNoMore's picture
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Joined: 2009-10-23

Question... Anybody know how Jones feels about FA's having long distance clients?  It obviously contradicts their face-to-face model but, if "Uncle Fred" or "Mr Former Customer" is a thousand miles away and would do business me, is Jones ok with that?  Other than the licensing fee for the other state, I don't see a downside for them. 

B24's picture
B24
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Joined: 2008-07-08

I have clients in 12 states. It doesn't matter to Jones. Obviously, they prefer not to have to pay for all the licenses for clients in other states that generate little to no revenue (because it actually costs the firm more money than they earn), but if you are making money, they'll pay for a license anywhere.

YumKoolAid's picture
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Joined: 2009-09-29

Well I am starting to feel less and less motivated everyday.  I think I have to many negative thoughts in my head or something.  I feeling more and more that if you don't takeover assets or an office then your chances are even worse of making it in this business.  I have only met a handful of FA in my area that succeeded without doing either.  Whats worse, getting fired or quitting on a resume? 

WarRoom's picture
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Joined: 2009-10-25

YumKoolAid wrote:Well I am starting to feel less and less motivated everyday.  I think I have to many negative thoughts in my head or something.  I feeling more and more that if you don't takeover assets or an office then your chances are even worse of making it in this business.  I have only met a handful of FA in my area that succeeded without doing either.  Whats worse, getting fired or quitting on a resume?  Maybe "Hello, welcome to McDonalds" is easier for you to say? You can make it!

YumKoolAid's picture
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Joined: 2009-09-29

So lets see, in that post you told me to STFU, called me a retard, and associated me with a job that most high school dropouts are stereotyped into.  Why the fck would I want to work for a company that hires people LIKE YOU?

WarRoom's picture
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Joined: 2009-10-25

YumKoolAid wrote:So lets see, in that post you told me to STFU, called me a retard, and associated me with a job that most high school dropouts are stereotyped into.  Why the fck would I want to work for a company that hires people LIKE YOU?
If the shoe fits cinderella. 

LSUAlum's picture
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Joined: 2009-10-18

YumKoolAid wrote:Well I am starting to feel less and less motivated everyday.  I think I have to many negative thoughts in my head or something.  I feeling more and more that if you don't takeover assets or an office then your chances are even worse of making it in this business.  I have only met a handful of FA in my area that succeeded without doing either.  Whats worse, getting fired or quitting on a resume? 

Question for you. If you went say 'Indy' would it be easier? If you opened an office as a CPA would it be easier?
 
At the end of the day most businesses fail. Most of the failure is that people really don't do the work they need to do to be successful. Most successful business people bust their a** during the first few years. Everyone has heard that the SBO works like a dog 70 hours a week the first few years. Everyone has also heard that the only tried and true method to becoming independently wealthy is to work for yourself not for someone else.
 
So, to be rich you need to own your own business. Most businesses take a huge amount of effort to get up and running. Most people underestimate this and/or are not willing to commit to this level of effort.
 
It's not that being an FA or B/D or RIA or whatever you are calling yourself is that complicated. If you get hired at ML, MSSB, EDJ, RJ or whatever, you can be successful.
 
Here's a question for you. If every organization has at least ONE successful person selling the same things you are selling what makes you think it can't work for you? Because your area/situation/whatever is different? Please. It's an excuse. They sell what you sell and they are successful.
 
Not trying to be rude, but you seem to have thought this was going to be much easier than it is. But in fact, every business is the same when you start it. They all require a huge amount of effort and those that put in the work will be successful, those that don't won't.

Baldy McGrindy's picture
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Joined: 2009-10-01

Yum, quit worrying about anyone else but yourself.  you can't whether a fellow FA took over an office or got lucky with this or that.  This job IS NOT EASY.  Many people fail and with your attitude, you will to.  3 of the most successful brokers I know both started from scratch at Jones.  One is 7 years out and does 500k and the two others are both over 1mm producers.  Difference between them and you is they didn't sit on this forum whining.  They doorknocked their butts off, asked for appointments, opened accounts, and kept prospecting.  If you think taking over an office with 3mm in assets is going to do anything but make your first year numbers a bit better you are mistaking.  It will likely increase the chances of you failing because you won't prospect b/c your "LA" screen has names to look at.  Get a business plan together and do it. 

fa09's picture
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Joined: 2009-06-03

Why did we restart this thread again?

Still@jones's picture
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Joined: 2009-03-22

fa09 wrote:Why did we restart this thread again?Yum made it his own...on page 7.

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