communication fees

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outofjail's picture
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Hi, new to this forum. I was just wondering if the employees at the Edward Jones offices still pay that communication fee of $1200 that showed up on the P&L statement every month. Or have they gone to the internet to do business?

MISS JONES's picture
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Joined: 2007-08-28

outofjail wrote:Hi, new to this forum. I was just wondering if the employees at the Edward Jones offices still pay that communication fee of $1200 that showed up on the P&L statement every month. Or have they gone to the internet to do business?
 
What?? We still have the charge on the P&L statement. The confusing part is.. The last statement  "Or have they gone to the internet to do business".
 
By the way- Welcome to RREPS! Are you in the business?
 
Miss J

Maxstud's picture
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Joined: 2005-12-29

I have a charge of $1,000,000 per month on my P&L, it went up because I now have a T1 instead of satellite.  It's still very reasonable because the GPs made the internet company invent the technology that allows me to share the connection with two other offices a few miles away.  I get to used it from 8am-10am and from 4pm-5pm, and then after 7 pm if I make arrangements with the other guys.

outofjail's picture
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Joined: 2007-12-11

its been a while since I was am employee there and I forgot the(P&L) came every 3 months. I just could not understand what the fee was for. I pay $100 a month for broad band and cable in my office now. I just thought that maybe the employees could make more money by lowering the fees by using the internet instead of that satelite system.

outofjail's picture
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Joined: 2007-12-11

Maxstud
why dont they just use email like the rest of the industry? Also why thr time restraints?

Maxstud's picture
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outofjail wrote: I pay $100 a month for broad band and cable in my office now. WOW!?!?!?!!? How many guys do you have to share with to get that price!!!????  I share with 2 other guys so it brings my charge down from $3,000,000/ month to $1,000,000/month, I know it's the lowest price out there because the general partner in charge of "Getting the lowest price out there"  negotiated the deal.  I spoke with him personally and he assured me he did his darndest.

MISS JONES's picture
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Joined: 2007-08-28

This is what it says on JonesLink

 
Cost of the communication system and related equipment. The allocation is $1,325 per month for the Client/Server satellite system, $100 per month charge for each additional workstation after the two provided as standard, $180 per month for additional laser printer, and charges for color consumables.
 
Who knows.. Who cares! My rent is one of my biggest expenses. 3500.00 a month not including trash, utilities or water..
 
Miss J

Maxstud's picture
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Joined: 2005-12-29

outofjail wrote:Maxstud
why dont they just use email like the rest of the industry? Also why thr time restraints?Of course we have email, I don't personally used it because the "email postage" is $0.82 vs. $0.41 for regular mail.  I called the General Partner in charge of "Email postage and other fees we charge to line our pockets because all 380 of us GPs are the devil incarnate" ,I kind of  thought this department title was a little ominous but I called anyway.  He explained to me that AL Gore(he invented the internet) gets paid for every email sent and all I would need to do would be to send a personal check in for my monthly usage and he would take care of getting Al the money.  He went on to encourage me to send out has many emails has possible, since it would make me  more successful and he truly is only concerned about my personal success above all else.  He even went on to say that if I ever left the company he would follow up with me weekly to make sure I was being successful for the rest of my life.      WHAT A GUY!!!!  I haven't decided whether to spend the extra money yet but I will sure let you know how it goes.I have time constraints on my T1 because I share the connection with two other Jones offices a few miles from me.  The internet company said it couldn't be done but then a couple of General Partners showed them how to invent the technology to reduce my cost.My wife even sent them a thank you note for making our lives better.I'm sure glad you found this forum, you have some great questions I have never heard before.     WELCOME.   I'm so glad I could help.

bspears's picture
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Joined: 2006-11-08

Damn, I thought I was good.  Maxstud, I know I called you a he/she, but I recant that statement, your just to damn funny to be a he/she.

Maxstud's picture
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Joined: 2005-12-29

bspears wrote:Damn, I thought I was good.  Maxstud, I know I called you a he/she, but I recant that statement, your just to damn funny to be a he/she. You do know that I'm making fun of you and your buddies, right?

noggin's picture
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Joined: 2004-11-30

MISS JONES wrote:This is what it says on JonesLink

 
Cost of the communication system and related equipment. The allocation is $1,325 per month for the Client/Server satellite system, $100 per month charge for each additional workstation after the two provided as standard, $180 per month for additional laser printer, and charges for color consumables.
 
Who knows.. Who cares! My rent is one of my biggest expenses. 3500.00 a month not including trash, utilities or water..
 
Miss J
At 3500 a month , it is going to take a LOT of revenue or retirement fees for you to even see profitability. Good luck.....

avise's picture
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Joined: 2007-12-12

And a second first time poster on this thread!Miss Jones at $3,500 a month for rent, you need at least $40K gross a month for location gain. $3,500 tells me you are in an expensive urban market, which means $15-$17/hr for your BOA. If I were you, I'd change my screen name and firm affiliation quickly cause your profitability bonus checks will never amount to much. And for those in the cost-free Nirvana of independence: how much do you pay monthly for your S&P, your Morningstar Advisor Workstation, your "technology fee"? I have $30, $100, and $25 respectively.  Any major differences or software suites you use and pay for?

Broker24's picture
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Joined: 2006-10-12

MISS JONES wrote: This is what it says on JonesLink

 
Cost of the communication system and related equipment. The allocation is $1,325 per month for the Client/Server satellite system, $100 per month charge for each additional workstation after the two provided as standard, $180 per month for additional laser printer, and charges for color consumables.
 
Who knows.. Who cares! My rent is one of my biggest expenses. 3500.00 a month not including trash, utilities or water..
 
Miss J

MJ, you in downtown LA? I have a brand new 1500 sf class-A office near the water and I pay like $1500/mo. including water, heat, etc.   And I am in a very expensive area. Is that market rate for you?

Morphius's picture
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Joined: 2007-07-21

Broker24 wrote:MJ, you in downtown LA? I have a brand new 1500 sf class-A office near the water and I pay like $1500/mo. including water, heat, etc.   And I am in a very expensive area. Is that market rate for you? You're saying you're only paying $12 sq. ft. gross, including utilities, for Class A space in a very expensive area of LA?  That price sounds beyond belief.  Is this a short term price discount on a longer lease with higher rates?

MISS JONES's picture
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Joined: 2007-08-28

avise wrote:And a second first time poster on this thread!Miss Jones at $3,500 a month for rent, you need at least $40K gross a month for location gain. $3,500 tells me you are in an expensive urban market, which means $15-$17/hr for your BOA. If I were you, I'd change my screen name and firm affiliation quickly cause your profitability bonus checks will never amount to much. And for those in the cost-free Nirvana of independence: how much do you pay monthly for your S&P, your Morningstar Advisor Workstation, your "technology fee"? I have $30, $100, and $25 respectively.  Any major differences or software suites you use and pay for?
 
You are correct on many of this points. I have months were I am profitable but in many cases it is not worth much other than an at a girl from the region.. Yes, my BOA makes between the numbers you mentioned and again yes.. The market rent is the same as mine!
 
Thanks for providing me with information I am already aware of!
 
Miss J

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

It's never a fair comparison when talking real estate.  My rent, including utilities, for a 1500 sq foot office in STL Metro is only $2000.  A friend of mine has an office bigger than mine in Mississippi and his rent w/utilities is only $1500.  Real estate doesn't change because of the firm you work for.  Miss Jones, I'll bet you'll be happy enough if you can hit $40K every month.  I'd work towards that and let the real estate work itself out.

MISS JONES's picture
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Joined: 2007-08-28

I have NO COMPLAINTS! I love working at Jones! I feel lucky to have my job, BOA, regional leader, mentor and great colleagues. I am pretty happy in life and that transfers over into my professional life. No complaints here.
 
Miss J

bspears's picture
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Joined: 2006-11-08

Let see 40k * .90= 36k.  Wow..just checking my math, wanted to make sure I was profitable at that point....yep I'm profitable.

Roadhard's picture
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Joined: 2007-02-23

I share a office with another LPL Advisor and a assistant--this is a brand new office (We are the first to use it) with conference room, restroom, lobby, offices for each and we pay a total of $835 a month and we split that.  We don't worry about the P & L and bonus time--we keep it all!  I pay for services I need and a GP isn't one of my choices!

bspears's picture
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Joined: 2006-11-08

Your just too damn greedy...pass the love...give to a GP...My new slogan this Christmas....why buy gifts for your loved ones when you can send money to a GP...GIVE TO GP THIS CHRISTMAS

Roadhard's picture
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Joined: 2007-02-23

If you make a 9,000 gross commission at Edward Jones and they take 60% ($5,400) that is grand theft, they take 10% ($900) that is a misdemeanor!  So if you like being ripped off, stay where you are at.  To quote famous BS person, You can't cure STUPID!  But you can make them a LP!

bspears's picture
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Joined: 2006-11-08

I'm not sure I would call anyone who makes a choice to give up 60%+ to their company stupid....hmmm how about NUTS!!!

Roadhard's picture
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Joined: 2007-02-23

MISS JONES!  You need to clear your private messager of old messages so people can respond to you--you can only have 70!

bspears's picture
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Joined: 2006-11-08

I'm hurt,,I thought I was the only one she PM'd.  WHY MISS JONES, WHY? SHE'S BEEN TOUCHED MORE THAN 70 TIMES???

Roadhard's picture
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Joined: 2007-02-23

I've been touch a lot too!  Just all my ex-wives.  The checks are on the way--Merry Xmas!

avise's picture
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Joined: 2007-12-12

Sorry. People averaging $40k a month are not on these boards every day. The average at Jones is just over $200K and the average Independent is just under $200K GCD per annum (LPL has a $125k floor).  Jones tends to have two or four IRs in every region who top 500K. I know a couple of them and they spend their days with accountants, lawyers and clients (or on the golf course with same). By the way, nothing wrong with $200K GCD a year, probably one of the best things about Jones. You can make a really good living and not work too hard. But everybody here seems to be hinting that $30-$40k months are something they do regularly.

MISS JONES's picture
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Joined: 2007-08-28

bspears wrote:I'm hurt,,I thought I was the only one she PM'd.  WHY MISS JONES, WHY? SHE'S BEEN TOUCHED MORE THAN 70 TIMES???
 
Ha Ha Ha.. Cute..
 
I have cleared out many from my incoming box. I wasn't aware that I had that many.. Spears- Many of my 70 touches were second time offenders. (Maybe that will make you feel better- my number of violators is much, much lower) I don't message around.. I am a good girl!  Your still special to me!
 
Miss J

Morphius's picture
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Joined: 2007-07-21

Roadhard wrote:If you make a 9,000 gross commission at Edward Jones and they take 60% ($5,400) that is grand theft, they take 10% ($900) that is a misdemeanor!  So if you like being ripped off, stay where you are at.  To quote famous BS person, You can't cure STUPID!  But you can make them a LP!And what do you call it when you keep 100%?An RIA.But to be fair with these comparisons you have to acknowledge what precisely one gets in exchange for the 60% or 10% (or whatever) cut a b/d'er takes.  The bigger the production, the more the financials favor some form of independence.  Still, some people prefer the comfort of the known even at a cost, while others prefer a more entrepreneurial life.  That doesn't necessarily mean one choice is stupid, even if it might seem that way to our way of thinking.Thank goodness there are choices available. 

bspears's picture
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Joined: 2006-11-08

Thanks Miss Jones.  I will keep my tagline.  If anyone sees my name on the steroids list, I completely deny it...

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

bspears wrote:I'm not sure I would call anyone who makes a choice to give up 60%+ to their company stupid....hmmm how about NUTS!!!
 
So, do you put yourself in that camp?  Cause at one time didn't you make that decision? 

bspears's picture
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Joined: 2006-11-08

I know, I know...I was nuts for about 5 years...now I'm not nuts and not on steroids.

Roadhard's picture
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Joined: 2007-02-23

No BS, I'm worst, I did 15 years before I came out of the coma!

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