Considering EJ Please Help

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NEWBY's picture
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Joined: 2007-05-23

Ok so I am a recent college grad, who has been working as a commercial insurance underwriter for one year.  I can't STAND sitting in a cubicle all day, so I am changing jobs.  I love the idea of financial advising and I have sales experience.  I am being recruited by an EJ Financial Advisor, and am nearing the end of my interview process.  I don't know a lot of people in the industry to talk to for advice, but I want to get into this industry.  I have read a lot of negative things about EJ, but have also read that they are the 29th best company to work for according to Fortune, they were ranked highest in customer satisfaction by J.D. Power and ass., and that they have great training for new guys like me. 
Am I making a huge mistake by joining them or are there much better opportunities for me??  Please don't just start EJ bashing, but really try to offer some solid advice if you can. 

Dust Bunny's picture
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Joined: 2007-05-07

There are many posts both positive and negative on Jones.   Some people are happy as clams to be there and others have had bad experiences.  Some like myself have just moved on to another phase of my career.  I don't carry an axe against Jones as a company.
Jones can be a good place to start your career. They will give you good training to pass the Series 7.  You will also be required to get a life insurance license.  They pay you a small amount during this study period.  If you pass, and you probably will, you will be sent for some sales training.  You will sign a contract (which you should read thoroughly) that has clauses for you to repay all these costs if you leave before a certain time.  I think 3 years??
The main piece of advice I can give you is to be sure that you have some savings to fall back on because once you are on commission it can be very tough.  You will face a lot of rejection and need to be a self starter......means you need to kick yourself in the butt every day to work hard.
There are more prestigious firms to begin with than Jones but they can be more selective and have higher production goals. Many in this industry look at Jones as a less than professional firm that doesn't really offer "full" investment advice or services.   Another piece of advice if you do go that route is to educate yourself on the industry as much as you can, because Jones won't.   They treat their reps like mushrooms......you know.. kept in the dark and feed them sh*t.
Who knows what is right for you.  I think you should examine all the options and try to interview with other firms.

AllREIT's picture
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Joined: 2006-12-16

NEWBY wrote:Ok so I am a recent college grad, who has been working
as a commercial insurance underwriter for one year.  I can't STAND
sitting in a cubicle all day, so I am changing jobs.

See if you can switch around while still being in the industry,
commercial underwriting can be alot of fun and all of it is not cubicle
work.

Switching after 1 year only looks weak.

troll's picture
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Joined: 2004-11-29

NEWBY wrote: I can't STAND sitting in a cubicle all day, so I am changing jobs.Try standing up and stretching now and then.  That should help!(But seriously-if you are only out of school about one year, give serious consideration to your decision.  This can be a VERY tough business for a young person with limited contacts and life experience.  Jones will like you because you can be manipulated, but that's not good for your clients or your career.  Give yourself 3-5 years and then you'll at least have some work experience and some contacts with folks who could turn out to be potential clients.)

Broker24's picture
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Joined: 2006-10-12

Newby, I work for Jones, and I agree with Joe. I see very few 23 year olds
make it. I have a great deal of high-level business experience (prior to
this career) in corporate finance, but "only" being in my mid-30's can
sometimes present a problem in clients eyes. I could not IMAGINE having
done this 15 years ago. I gained so much practical and life experience in
the past 15 years, and it is STILL a very challenging career to start.

In addition, I saved and invested a LOT of money the past 15 years, so I
have no worries about going broke the first few years of this. That allows
me to make sound judgement calls and build my business the right way.

Not saying you can't do it, but just do some serious thinking about where
your business will come from.....
Will you walk through neighborhoods and bang on people's doors?
Will you walk into businesses and introduce yourself to the 58 year-old
owner and ask them to "trust you".
Will you just cold-call?

Can you get in front of a group of 60 year olds and give a seminar on
planning for their retirement years? Will they take you seriously, or will
they be waiting for an "adult" to walk out from behind the curtain?

Can you talk to the CEO of a small company and talk to him about his
401K plan? His personal investments? His tax situation? What kind of
firm is it???...C-corp, S-corp, LLC, LP? Do you know what those are? Do
you know his personal tax implications depending on what the structure
is? Does he receieve K-1 income? Is he receiving distributions to cover
the tax bite? Does he hit AMT? Is his plan top-heavy?

Look, not everyone knows these answers when they start in this business,
but many do. And you can do fine even if you don't. But you have some
serious hurdles to overcome.

I would disagree with one thing Joe said... this is not a tough business for
someone with limited contacts and life experience - it's a tough business
for ANYONE to start - it's even TOUGHER for someone with limited
contacts and life experience.

Edward Pwns's picture
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Joined: 2007-05-23

First off, the Jones FA recruiting you is doing so because he gets credit for a Jones paid for vacation called a "diversification trip," and he gets brownie points with the Regional Leader if you sign a contract.  Most of what the recruiting FA will tell you is BS. 
Your first several years will be very tough.  You go off salary after a year, and the commissions are puny.  Did they talk to you about commissions?  They are going to tell you what "you" make, but they don't tell you that what "you" make is then taxed 60% by Jones.  You only get 40% of what you make.  And then after your $2000 expense credit runs out, you will be paying for many of your branch expenses, including all of the marketing materials.  The commissions are basically like a "tip" jar that just slowly adds up.  It is barely noticeable in the beginning.
There are other things they won't tell you when you are being courted.  The weeklong boiler room training session (eval), then the other weeklong boiler room training session (pdp), and the trainer more than likely some burned out waiter turned financial advisor trainer.  Oh and then the monthly new FA meeting, where if you are unlucky, you'll get to drive half way across your state to attend a boiler room session once a month.
Oh and that doorknocking thing is a real blast.  Wandering neighborhoods digging for gold.  You're going to love it.
It's a good career and a good opportunity for certain people.  The only ones I see making it are super goodknights (Usually some shlepp who sits behind a desk all day and gets walk ins or handouts from the producer) and those taking over big offices. 
If your only option is starting new, working out of your home for a year, I wouldn't do it.  I don't see any of them making it.  Every now and then one gets saved when an office opens up.  Some with the work ethic of a North Korean ditch digger do make it also.
But if you do decide to take the plunge as a new/new, choose an area that doesn't have any Jones offices.  Maybe a fast growing area that is attracting retirees or people fleeing the cities.  These places do exist. 
When it comes to doorknocking.  Can you do that every day?  6-8 hours a day for six months?  You're going to have to for a while, and then call the prospects often.  Lots of rejection.
The bottom line is that if you do the work, you might make it and make a lot of money  The problem is doing the work.  Most people can't or won't consistently prospect in the face of constant rejection and pressure to make your numbers.
I've been successful, but the beginning was hell and the lies and half truths told to me in the early going just made it tougher.  I think I've presented an honest assessment of starting out new, non-shlepping.  Lots of good people work at Jones and it is a rewarding career, just know what you're getting into and prepare mentally. 
 

troll's picture
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Joined: 2004-11-29

joedabrkr wrote:
NEWBY wrote: I can't STAND sitting in a cubicle all day, so I am changing jobs.Try standing up and stretching now and then.  That should help!(But seriously-if you are only out of school about one year, give serious consideration to your decision.  This can be a VERY tough business for a young person with limited contacts and life experience.  Jones will like you because you can be manipulated, but that's not good for your clients or your career.  Give yourself 3-5 years and then you'll at least have some work experience and some contacts with folks who could turn out to be potential clients.)BTW I speak from experience, having started out in my mid-20's and made it.  But, along the way I saw a lot of men and women who were a little older than I with a few more contacts get out of the box much faster than I did.

Dust Bunny's picture
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Joined: 2007-05-07

FTW to everything that Edward Pwns said.
Oh.... and QQ more FreedomAdvocate

JWKSKI's picture
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Joined: 2006-01-20

Jones is a great place to start.  I cut my teeth there for five years and went independent about 6 months ago and will never look back.  Start a Jones because they will get you through the series 7 etc, teach you how to sale muni's and American Funds (probably because you really cannot hurt a client with them).  Build "your" buisness though not an EDJ business.  Sell yourself not EDJ.  Trust me on that because it will give you more options down the road.  And, oh yea, work your ass off like never before day in and day out.  Work one evening a week and every other Saturday for the first two years.  College is over now... time to get a real education.

troll's picture
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Dust Bunny wrote:FTW to everything that Edward Pwns said.
Oh.... and QQ more FreedomAdvocateFTW?  QQ?Maybe I'm just slow.....

Dust Bunny's picture
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Typical l33t sp33k  in MMORPGs ( Massively Multiplayer Online Role-Playing Games ) in which I spend way too much time.
FTW  =  For the win .. means I approve, agree, you rock
QQ  = cry more .... usually  QQ Newb.    Waaah!!!  whine some more, no one cares.  The QQ represents two eyeballs with tears.
My geekness is now totally exposed.  

troll's picture
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Dust Bunny wrote:Typical l33t sp33k  in MMORPGs ( Massively Multiplayer Online Role-Playing Games ) in which I spend way too much time.
FTW  =  For the win .. means I approve, agree, you rock
QQ  = cry more .... usually  QQ Newb.    Waaah!!!  whine some more, no one cares.  The QQ represents two eyeballs with tears.
My geekness is now totally exposed.   OK I sorta get it.I used to play command and conquer but have no time in the last few years.  That's the closest I ever got to an MMPORG.

Reggin's picture
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NEWBY wrote:Please don't just start EJ bashing
 
You're new here obviously.

NEWBY's picture
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Joined: 2007-05-23

ha WOW I really wasn't expecting to get any helpful responses on here guys, thanks.
Would you guys recommend taking college courses to get the CFP, pass the series 7 and 66, and then in a year or two trying to jump on with an Indy or Wire? At least that way I'll be about 26 with more contacts and more credibility.  I won't be working in financial planning though (i'm in commercial insurance), so I actually won't be able to satisfy the work requirements for the CFP, even though I could pass the test.  I just don't want to miss the baby boomers.  It's just such a nice little target market!
Dust Bunny, if you haven't seen the south park episode making fun of World of Warcraft, you owe it to yourself to catch it sometime.  SOOoo funny...

Dust Bunny's picture
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Joined: 2007-05-07

I would definitely take the CFP courses even if you don't become an advisor right away.  It takes a few years to complete the courses and will give you a great foundation for future work in this field.  The information is valuable for anyone.  You can't take the Series 7 without a sponsoring firm.  You can get a Series 65 without, not sure about the 66.   But yes, any studying you can get out of the way before you leap into the business is good, because once you start as a broker/advisor you won't have much time for anything besides prospecting and gathering assets.
Being young is a real disadvantage in this business as people have already said. I've seen young people make it, but it is the exception not the rule. It might be that if you worked in a team environment with older advisors you could have some of their credibility due to age rub off on you. 
I have seen the South Park episode and laughed my butt off.  It was hilarious and right on target.

Philo Kvetch's picture
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Joined: 2005-05-17

Doesn't the CFP still require some years (5, if memory serves) of field experience?

troll's picture
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Philo Kvetch wrote:Doesn't the CFP still require some years (5, if memory serves) of field experience?3

Dust Bunny's picture
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I think you can still take the courses.  Not sure about whether you can take the test anyway, or if you can take the test but just not use the designation.  Joe is studying right now.  Maybe he knows??

GoldCaddy's picture
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Joined: 2007-02-16

I started at Jones and went independent three years ago.  What everybody else says is about Jones is correct.  It's a great place to get training but wasn't right for me.  The first two years were VERY VERY difficult.  The business is Darwinian, natural selection played out in the most competitive business arena. 
If you have a high pain threshold and deep pockets and a compelling need to succeed you have a good chance of success.  What the other guys have said about being 23 is true.  Clients are trusting you with their money and you're going to look very inexperienced.
Understand that the employment agreement you're going to sign with Jones will require you to stay with them at least three years after you are licensed.  Leaving earlier (and staying in the industry) will provoke a law suit from Jones demanding the repayment of the unamortized portion of your acquisition cost (I think Jones valued it at about $75,000 when I was hired).
You will probably notice that thoughtful responses from veterans are not gushing with enthusiasm about your prospects for success.  This is a very tough business.

Indyone's picture
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Joined: 2005-05-31

I believe that your key to success in thsi business at your age is probably to start as a licensed assistant working for a modest salary for a successful advisor...learn the business, pass the CFP and gain maturity while drawing a paycheck.  It's not glamorous, but I think it will dramatically improve your odds of success.

Indyone's picture
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Dust Bunny wrote:I think you can still take the courses.  Not sure about whether you can take the test anyway, or if you can take the test but just not use the designation.  Joe is studying right now.  Maybe he knows??
Yes you can take the test without the experience...just need a four year degree...

NEWBY's picture
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Joined: 2007-05-23

I am going to look into the licensed assistant idea.  That way I would be learning the business as well as getting the required work experience needed for the CFP designation, which I could be studying for. 
Another alternative is to continue where I'm at, and study for the CFA, which I could get without having to have the 3 years of related work experience.  I'm going to look on this forum for some CFA vs. CFP threads because I'm sure there are some, but what do you guys think of that?

NEWBY's picture
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Joined: 2007-05-23

Damn nevermind you do have to have 4 years of experience to be a regular member of CFA and to use the trademark i think.
Guess my only real option is to start being a licensed assistant or something

dukenduke's picture
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Joined: 2007-01-17

Jones is a good place to start but as everyone here has said it is very very difficult the first two. Despite all the hype the Jones IR's tell you about support you are basically on your own do either make it or not. If you are prepared for what is basically a "sales" career then you will probably be fine.  Jones does not stress nor encourage becoming a financial planner because they want you to sell.   I would recommend negotiating with Jones for a goodknight opportunity ( taking over a portion of an existing brokers assets ) or taking over a vacant office rather than going new new.  At least you will have a base of customers to build on.   Think it over and as others have said explore ALL of your options before you sign on the dotted line... Caveat emptor

pretzelhead's picture
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Joined: 2007-03-23

Start at Merrill and go Indy.  Merrill will pay you $40k if you do the 24 month program ($15MM in Assets, $10MM Annuitized).  You can get more than $40K, (had a buddy that negotiated $60k) if you opt for the 18 month program.  Same asset req, less time.  I agree with the others that you should wait to become an Advisor until you're a little older and have some salt n pepper on your head...
Becoming a registered assistant is a great way to see how the biz works....Maybe a team will recruit you as an FA down the road...

Broker24's picture
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Joined: 2006-10-12

Start building your network TODAY. Join Chamber of Commerce, Rotary,
Lions Club, whatever. A lot of the clubs are looking for younger
members. Join now, and in a few years when you jump into the new
business, you will know a lot of people. Start going to every event in your
area. Do volunteer work. Just get to know people. This is regardless of
what you do on the career side before you become an advisor.

NEWBY's picture
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Joined: 2007-05-23

Some great posts guys.... I'm supposed to get in touch with my wealthy uncle's advisor from Morgan Keegan, who I am going to try to get some info from maybe references for a job.  How is their reputation?
I think I'm going to start playing golf as well as getting more involved with the community.

new_indy's picture
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Joined: 2007-03-28

Ummmm Jones.......I guess you can start there, work like a dog, find out the world isn't green somewhere down the line and get nailed with a non-compete when reality hits.  Sounds like a winner to me...
Actually Jones is the slow road.  It will eventually get you somewhere if you survive, but make sure you investigate all your options first there are probably better ways.

farotech's picture
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Joined: 2007-01-05

Do NOT go in as a new new. I repeat, do NOT go as a new-new, unless you are masochistic.
I made it as a new-new, but only because I was EXTREMELY LUCKY and worked like a COAL MINER.
90% of new news FAIL WITHIN THE FIRST YEAR. 
Most Goodnights and E.O's MAKE IT because they are handed a base of assets to work off of.
If you are NOT GIVEN ASSETS then DO NOT JOIN EDWARD JONES.

now_indy's picture
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farotech wrote:
Do NOT go in as a new new. I repeat, do NOT go as a new-new, unless you are masochistic.
I made it as a new-new, but only because I was EXTREMELY LUCKY and worked like a COAL MINER.
90% of new news FAIL WITHIN THE FIRST YEAR. 
Most Goodnights and E.O's MAKE IT because they are handed a base of assets to work off of.
If you are NOT GIVEN ASSETS then DO NOT JOIN EDWARD JONES.

I totally agree. However, if you are promised a certain amount of assets (we've got a $20,000,000 book for you, etc.), take it with a BIG grain of salt.  I heard they told the Jones guy, who took over my book, that the branch would be the same size as when I left. Too bad I ended up taking a little over 80% of the assets. That guy has already left (less than a year) and a new guy started about two months ago.

Edward Pwns's picture
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Joined: 2007-05-23

The firm is notorious for misleading stats on AUM to lure brokers to existing offices.  I've seen it done over and over again by RLs, BOAs, and home office folks.  I've seen some poor souls go out of their way to take over offices, usually competitive, and get there and find a shell.  Many say that at least a newnew now has an office and BOA, but the office is still just like a distressed piece of property.  The surrounding area was likely prospected to death, and of course higher performance standards for taking over the office. 
But still, this is just a mental setback.  I've seen young men and women take over an office with no assets and get busy building a book.  It can be done.

whitewlfz's picture
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Joined: 2006-12-23

I was 24 ..and started at Jones.. So I know what you are up against..
no money
no one to take you seriously (at first)
no real experience to reference
no huge contact list
but I did have
insane deteremination
a place to sleep  so I could work 12-14 hours a day (no joke)
2 hours a day door knocking business 5-6 hours knocking on redential doors and entering data.. 5-6 hours calling on the phone..
6 days a week to work
DIRT CHEAP EXPENSES.. I lived in a ghetto flat and drove a cheap ass ride..
an ability to comb my D.I.N.K. nieghborhood (Dual Income No Kids)
************************************************************ ****************
As you might see everything wasn't rosey ....but I can tell ya my first doorknock was my first client.. and it was a tax-free muni... but back when I was selling them ..they had a spread on them.. (oh and btw I have been in the biz now for over 12 years...) You can make it . I would reccommend as they say though that you angle for some assets to be in the office or AUM or both.. that will only help you.. office gives you credibility and AUM gives you some clients to work with ..
KEEP THE FAITH ..you are going to need it..

bondo's picture
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Joined: 2007-04-15

Never worked for EJ, but I have a good friend who has been with them for a decade.  He was in his mid-20's and moved to a new state to start his practice.  He had no contacts, knew not a single person except his wife, but did what Whitewlfz did.  His book is now $100 million.  A minimum week for him was 70 hours.  It was by no means easy, but he did the work and made it.

farotech's picture
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Joined: 2007-01-05

I was told all kinds of stories like that before I started and when I was training. The reason people tell those stories is because they are unusual. So the bottom line is, if you are willing to do what the above cowboy did, then try it out.

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

The new goal at Jones is that NOBODY starts with $0 in assets.  We have a boatload of brokers out 8-10 years ready to do a Goodknight plan, or who should be considering one, open offices in many regions across the country, and when a new FA comes into an area we all get a wire asking what kind of assets we might be willing to push his way.  No pressure to actually do it, but they're looking for assets for all the new people. 
Starting new/new at Jones isn't much different than starting new/new at other firms.  The doorknocking is a different spin than anywhere else, but it amounts to the same thing.  Contacts.  Period.  Ring the phone or ring the doorbell, you pick.  Just make the contacts and ask for the order. 

Broker24's picture
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Joined: 2006-10-12

If looking for an existing office/Goodknight office, I would choose an area that is developed with offices, but not OVER developed.  In my area, there are many offices, but not nearly what I hear about in places like St. Louis.  I would not go to an overdeveloped area even if you gave me a $20mm book.
On the flip-side, no offices in an area means no office to take over and no Goodknight.  The caveat to this is if you are in a rural/suburban area with NO competition.  I have a friend with Jones that is in a little town of 3,000 people, and he is basically fishing in a fishbowl.  Nobody in town has ever invested (next closest firm is about 60 miles away), and all their money is in THE bank in town.  He will probably never have a monster book, but he will probably do better than that bank president.
But, like Spiff said, not much different conceptually than starting anywhere else.

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

Even if you end up in an "over developed" market, like me in the STL burbs, there is an advantage.  Density.  I grew up in a small town with a population of 5506.  In that zip code, that is over half rural, there are now 6000 households and $1.5 Billion in liquid assets.  The zip code my office is in has 17,000 households and $5.7 billion is liquid assets.  There are three other zip codes within spitting distance with $5.5, $6, and $9 billion and a total of 57,000 households.  So, 74,000 households within a short 20 minute drive and $26 billion in assets out there for the taking.  All I want is my 1% market share in the next 30 years of my career.  I don't think that's asking too much.   
I run into people who invest with Jones frequently, but not as much as you'd imagine.  The money is there no matter what market you are in.  The question is can you get it. Get an office if you can, but don't shy away from the new/new.  As much turnover as we see at times, you may not have to stay new/new very long.             

footsoldier's picture
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Joined: 2006-04-30

Density is between your ears Spiff. Ask any Mickey Dee's franchisee if they feel the advantage of a storefront on every corner. As long as you are a clone , you will be viewed as a clone. Ever had a client go down the street to another office? Every experience a client who is shopping Jones brokers?You are only a razor blade away from being replaced.
Turnover is part of the plan. No matter how you slice it, the firm cares little about the client and even less about you. The crap about assets is to keep you diggin for more. It's great to be a GP.
Spiff you have always appeared to be intelligent in your posts. You need to step outside the Jones culture and see what is available. In my experience, after nearly 10 years at Jones, and now less than  of independence, I was sadly mistaken about so many things at Jones. And I would never go back to that environment. Ever! My family is happy, and I am ecstatic. I love to come to work now. The last three years I hated to get out of bed to put another dollar in their (and yours) conflict ridden company.

Edward Pwns's picture
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Footsolider,
What have you found appealing in your new spot?  Looking back, what about Jones were you so wrong about?

Spaceman Spiff's picture
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foot - OK.  Let's agree to disagree.  I think Jones is a great company, albeit with some growing pains.  I think that a guy like you isn't going to be happy anywhere unless you think you are in complete control of your destiny.  You believe that anyone who works for "the man", whether Jones or anyone else, is somehow not thinking clearly.  I don't doubt for a second that you are much happier now, and by extension your family is happier, than you were at Jones.  Maybe it's better money, maybe it's less corporate politics, maybe you just needed something different.  Congrats for finding something that makes  you happy.  That's what makes this world great. 
Jones doesn't shout about assets to us.  It's available on the system and I chose to dig for it and use it for my frame of reference and marketing efforts.  The avg FA out there doesn't know how many dollars in TLIA it takes in a zip code to for Jones to consider a zip code viable for an office.  By the way, according to the last Jones numbers I was told, my zip code would support 20+ FAs.  There are 7 of us.  
Buying a hamburger (or Asian Chicken Salad if you're my wife) isn't the same as choosing an advisor to work with.  I'm not marketing happy meals and asking if you want Apple Dippers or fries.  Can you tell I've got kids?  People are going to shop around.  They should in order to find someone they are compatible with.  Some people won't give you a second thought because you're office doesn't say Smith Barney or Ameriprise.  Those same people will call me because my office says EDJ. 
I had a $250K walk in last night because my office sits on a highway and the guy drives past it twice every day.  He also drives past a Morgan Stanley office, a few independant office, 3 banks with brokerage services, a credit union with brokerage services, a Thrivent office, and a half dozen CPAs that say they have financial services too.  When I asked him why he chose Jones and my office he said it was because he had heard good things about Jones and knows we are a local firm.  And my office is the closest to his house.  That tells me the marketing is working for us.  I get a couple of those every year.  So what if my office is a clone of someone else's.  I still have to work with and keep that client.  The cookie cutter approach to building our businesses just keeps it simple.        

FreeFromJones's picture
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Joined: 2006-11-29

Spiff,
I think you are right.  Some will never be happy, no matter where they are.  I still have friends at Jones who are happy being there and I say more power to them.  I'm glad you're happy there and there are many RR who will stay at Jones and have a great career there. Keep working hard for your clients and do what's best for them.  I my case and for my clients, it was best I left Jones, that they left with me and I and they are happy I did.

footsoldier's picture
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Joined: 2006-04-30

Spiff-
Reasonable people can disagree. I thought I was a happy camper at Jones, until all the BS. It forced me to look outside the box, see what was there, do my due diligence. All I am suggesting is educate yourself before you make blanket statements.
I have been where you are and beyond. There is no way you can understand the difference. You aren't there yet. When you have left Jones and are somewhere else, then you can speak from a knowledge perspective. Good luck to you. You may very well be different than most Jones brokers, but your offerings aren't.
And I am sorry, but I have seen very little benefit to offices on every street corner. Just as my friend who is in the burger biz said its a model that has to benefit the company, and clearly the Jones model benefits the GP's.

bspears's picture
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Joined: 2006-11-08

Sorry Footsoldier...I've never met a GP who was only about themselves!!  Oh sh*t..I forgot we're talking about Jones. Nevermind.

new_indy's picture
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Joined: 2007-03-28

Gotta side with footsoldier...after I managed to de-program myself, I was amazed by the all the other pretty colors in the world.
I should have known something was up when my visiting vet (no longer w/ the brotherhood either) at kyc stood in front of the class and said, and  I quote, "just don't bleed green and you will all do just fine".  Stating that, I got my start there, learned quite a bit (although I came in with experience in the financial world) and only really regret the 3 year holding period until I could start my life.  If I could have done it again, I would have started somewhere else but there is no way of knowing if that would have been better or not.
I think if new guys keep their eyes open and don't follow like sheep, they can succeed no matter where they start.
 

bspears's picture
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Joined: 2006-11-08

Me toooooo.....Love the new colors...the payouts..the control...the confidence to know your building a business for yourself and your family.  I drove by my old office at 4 yesterday...(going to the bank with a rollover check)..and wouldn't you know..the place was closed up tighter than spiffys checkbook!!  PRICELESS!!!!!!

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

What makes you think the FA wasn't taking his rollover checks to the bank too?  Maybe he was out on an appt and his BOA was out taking the checks to the bank.  Maybe he's already made his month and he's out golfing?  That's a pretty quick judgement without knowing all the facts.  Why wasn't your assistant taking the check to the bank?  Isn't that assistant work?  Oh yeah, you have to hire your own. But that would cut into your payout, so no need for one of those.
Missed your jabs spears.  There hasn't been a good EDJ sucks thread on here in a while.

footsoldier's picture
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Joined: 2006-04-30

Spiff-
There you go again acting like you don't pay for your assistant. Someday you will understand math.

noggin's picture
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Joined: 2004-11-30

footsoldier wrote:
Spiff-
There you go again acting like you don't pay for your assistant. Someday you will understand math.

Snappy really snappy.....

bspears's picture
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Joined: 2006-11-08

I like to get out of the office every now and then...and yes your right, this would be a function of my assistant.  But of course, I like to see the tellers reaction on a 1/2 mill check being deposited.  I guess if you've earned the right to leave early..you can. However, the newby hasn't...but more power to him..I'm sure I'm not the only one to notice

bspears's picture
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Joined: 2006-11-08

And of course...the little supplemental check he will receive for a few months from the generous accts of the GP's..gives him a false sense of security.  This, my friend, will pass!

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

I understand the math.  It's part of the 60% Jones keeps.  I get it.   Overhead, P&L statements, etc.  I understand it.  Just havin' a little fun with spears. 
Congrats on the $2.5 million check.  That would be one I'd like to take to the bank myself too.  Just to see the reaction on the teller's face.  So, what's gross/net on a check like that for you?

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