Daily 25 EJ complaints

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Moraen's picture
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Joined: 2009-01-22

Thanks to Borker and a little inventiveness earlier, tonight's edition will only feature 23 complaints. For those of you who have your own, I will post one more after my 23 tonight and I invite you to vent your own complaints.

1) The fact one minute you are a rock star and the next you the lowest of the low.
2) The fact that you have to pay for chargebacks AND you only get 40%.
3) The fact that those cheap bastards make you pay for stamps
4) That they get upset when you get a client NOT knocking on a door
5) That when they ask you to speak in front of the region and you tell them what you are doing and it doesn't go along with Jones master plan - they ostracize you.
6) The fact that my old FSD couldn't have been more than fifteen and likely wasn't shaving
7) Or how about a guy who went from the PASS program to a $50 mil office, churned and burned for two and a half years, and was sent back to the home office to be part of the "advisory solutions" team.
8) The fact that while they are not supposed to have territories..... they DO in fact have territories!
9) Or how about a Jones FA who calls you up after you meet with a large prospect, and says, "So I hear you met with Ed, who works at XYZ." Why, yes Bill I did. "Well, you know that I get all of the rollovers from XYZ". Not this one bitch!
10) The fact that the roleplaying they do is bogus and a bunch of crap. *Knock, knock* "who's there?" "Edward Jones broker." "Edward Jones broker who?" Edward Jones broker dan you son!
11) The fact that if you send an email that talks about a security to a client who is serving in Iraq, it gets banned and you get a call from FSD. He's in Iraq, bitches! I can't pick up the handset, squeeze it a few times and get Joe on the phone!~
12) The fact an FA shows you his shoes and how he door-knocked his way to success and how worn they are - but on closer inspection - it is obvious that his dog started chewing the shit out of them.
13) The fact that a guy got a chunk of his ass bitten off (23 stitches I believe) and they are praising this guy like he is the ultimate advisor
14) The fact that leadership (regional) doesn't know jack (or jill) about financial planning or securities
15) Or how about when someone tells you he got that $24k month from doorknocking because his mentor told him to tell everybody that, only to find out that it was his grandfather - I guess grandpa makes you knock and wipe your feet before he hands you a couple of million and tells you what to do with it.
16) The fact the Jones trips have Jones people there.
17) Or using a PDA to look at the contact management system is garbage - if you can't see account info, what good is it?
18) The fact that the technology advisor was so old that technology to him consisted of when stirrups were invented for horseback riding.
19) Or how about a girl takes over a $58 million branch and when people ask her how she is making $8k per month as a new existing, she replies, "I just make 25 contacts a day".
20) Or how about it takes "liquid courage" for someone who is your "segment leader" to tell you that you are undermining everything they are trying to do at Jones.
21) Those same people get mad when you tell them you'll carve designs in their throats with your fingers if they don't keep their mouths closed.
22) Or how at every regional meeting they play those stale ass videos designed to give you vertigo
23) Here's a good one. How about when you try to set up an endowment for someone close to you and you are told that "Jones doesn't do that" then two months later, "Jim Bob's daughter died, we are setting up this fund and I think you should all contribute". Real names have been changed to protect the innocent.

Ok. that's 23 for tonight.

I'll start a new one and you can fill in your complaints:

1) The fact that people who love Jones are brainwashed tools who think that they work for the greatest company in the world, when in fact, it's a scam to take from people who can ill afford to lose their money.
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Borker Boy's picture
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Joined: 2006-12-09

How about at every regional meeting when they make the same former Merrill brokers stand up and talk about how bad things were on the "dark side." (Ironically, both of those guys are now on goals.) 

Moraen's picture
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Joined: 2009-01-22

Borker Boy wrote: How about at every regional meeting when they make the same former Merrill brokers stand up and talk about how bad things were on the "dark side." (Ironically, both of those guys are now on goals.) 

Excellent - we didn't have any Merril guys, but we did have a couple of Northwestern mutual guys. But I like where you are going with this. Although maybe it's not as funny as the first day.

Squash1's picture
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Joined: 2008-11-19

Your RL transfered from some podunk town to take over a $100mil book. Then tells everyone all you have to do is make the contacts.
 
A new broker that does $23K gross in a month, get praised and asked what he is doing to which he replies "Just making the contacts, and knocking on doors" except when everyone finds out he had a $2mil walk in, liquidated all the holding and put her into 4 different fund families(diversified)
 
At the regional meeting when you realize that all the successful brokers either inherited an office of $30 million or xfered from somewhere else.
 
Your RL is too cheap to put on a christmas party, so he piggybacks off the a Van Kampen Event..

LA Broker's picture
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Joined: 2008-12-03

That the RL tells the new FA's at regional meetings that there is no reason to DCA, just invest it all right away (this was late Aug 2008)!!!  True story

go_huskies's picture
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Joined: 2008-12-11

is 23m in gross good???  i felt sick doing 35m last month. why would anyone work there?

Moraen's picture
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Joined: 2009-01-22

go_huskies wrote: is 23m in gross good???  i felt sick doing 35m last month. why would anyone work there?

you did 35 million last month?

LA Broker's picture
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Joined: 2008-12-03

How about when the new FA leader describes the Div trips to the new FA's as if they have never been on a vacation before.  "It will be the greatest time of your life.  They have servers who will bring you drinks right by the pool, big hotel rooms with maid service every day".  Yeah, thanks, I think I will skip the door knocking and pay for my own trip!

Borker Boy's picture
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Moraen wrote: Borker Boy wrote: How about at every regional meeting when they make the same former Merrill brokers stand up and talk about how bad things were on the "dark side." (Ironically, both of those guys are now on goals.)  Excellent - we didn't have any Merril guys, but we did have a couple of Northwestern mutual guys. But I like where you are going with this. Although maybe it's not as funny as the first day.
 
Oh, it's funny alright. You're cranking out some very impressive--and scarily true--stuff.

Squash1's picture
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Moraen wrote: go_huskies wrote: is 23m in gross good???  i felt sick doing 35m last month. why would anyone work there? you did 35 million last month?
 
m singular, means the same as "K"... MM would be million...

Squash1's picture
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Joined: 2008-11-19

The taxes on those trips are just stupid.. and you have to hang out with Jones people...

Moraen's picture
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Joined: 2009-01-22

got it. seems like i should have known that, but it's been a "celebratory" night, so i wonder if either i didn't, or i'm too drunk to know i'm that dumb.

Lou Mannheim, CFP's picture
Joined: 2009-01-31

I've got six:
 
1)Tuesday Promo
2)Thursday Promo
3)Saturday Promo
4)Shamrock Saturday
5)BBQ Promo
6)Christmas Promo

Moraen's picture
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Joined: 2009-01-22

Nice Lou

What about "Harvest Fest" and Trimester.... crap, what was that called.

Lou Mannheim, CFP's picture
Joined: 2009-01-31

Triathalon

Moraen's picture
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Joined: 2009-01-22

Yes. That was it.

I'm embarrassed to say I participated in those - all except Shamrock Saturday. Just couldn't bring myself to do it.

Valhalla's picture
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Joined: 2009-02-13

long time visitor, finally decide to take the plunge. here is my submission:
 
while at a RL meeting in STL you mention to a home office GP that you would like to pursue the CFP and he shrugs it off with "do you really think that will help you grow your business?"

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

Lou Mannheim, CFP wrote:I've got six:
 
1)Tuesday Promo
2)Thursday Promo
3)Saturday Promo
4)Shamrock Saturday
5)BBQ Promo
6)Christmas Promo
 
So why did you participate in them?  After my first 6 months, I never thought twice about them.  And they are only a newbie thing anyway.

Lapide's picture
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Joined: 2008-08-26

B24,
The promo's are not only for "newbies".  Our region pushed hard for everyone to participate in the Saturday promos because the region wins money based on participation, that can be used for things during the summer regional meetings.  It's true that participation was optional, but when your RL sends out "wires" that he will be in the office making phone calls on a Saturday morning, it is implied that you should also be in your office making calls.
Lapide

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

I guess when I have never signed into one of those that it "implies" that I think they're stupid.  My RL sends them out too.  I could care less. 

buyandhold's picture
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Joined: 2008-09-23

Lapide wrote:
B24,
The promo's are not only for "newbies".  Our region pushed hard for everyone to participate in the Saturday promos because the region wins money based on participation, that can be used for things during the summer regional meetings.  It's true that participation was optional, but when your RL sends out "wires" that he will be in the office making phone calls on a Saturday morning, it is implied that you should also be in your office making calls.
Lapide
 
What am I missing? You didn't work Saturdays and evenings your first few years?
 

ednomore's picture
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Joined: 2007-08-29

Regarding the saturday promos, I was always amazed at how they could expect you to sell funds, watch STL TV, talk to a GP on the phone, and read all 30 or so wires from the regional leader. I guess if you sand-bagged some business (that would never happen), you would have more time to play the silly games. The few times that I worked it, I put my second line on hold to avoid the STL call and the prize carrying with it a tax bill. The big prize-a few hundred dollars for the region IR christmas party, and some to the BOA christmas party(never understood that, they did not work promo's) Those were the days of promos and Van Kampen funded parties.

Lapide's picture
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My former RL, who was and still is a great guy (also a GP), actually got the leadership team together and they had to make phone calls to people who didn't participate in the last "promo" for the region.  I was out of town a few years back and couldn't make it in to the office, next thing I know I'm getting a call from the Seg. 3 productivity leader asking me why I didn't come in for the promo.  I told him I was out of town, and he actually told me I would be expected to log-on for the next big promo, a couple of months away.  I thought I only had to run an ethical profitable office and after that I could choose to participate if I wanted to or not.  I guess I was wrong.  I know each region is a little different and a lot depends on your RL, but we were really pushed to participate  on the firm-wide promos.  I have yet to get any e-mails from my new firm asking me to work on Saturdays.
 
Lapide

mojo99's picture
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Joined: 2007-07-22

These are classic. I don't work at Jones but I'm reconsidering my career path now just to be closer to the humor.

wp_fan's picture
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Joined: 2009-02-12

I suspect there are branch managers, officers, brokers, secretary's, etc. at every firm who are idiots; and Edward Jones is no exception.  My wife has this principal at the school where she teaches, and any time a teacher does something against policy, or wrong, she gathers every teacher for a meeting at 3 p.m. to tell ALL teachers that was against the rules.
 
But, I doubt every principal does that.  My RL has never even brought up the different promotions.  Funny though, I think if a broker participated in every promotion, and won every contest, success would be a given.

Lou Mannheim, CFP's picture
Joined: 2009-01-31

Originally posted by Lou Mannheim, CFPI've got six:
 
1)Tuesday Promo
2)Thursday Promo
3)Saturday Promo
4)Shamrock Saturday
5)BBQ Promo
6)Christmas Promo
 
So why did you participate in them?  After my first 6 months, I never thought twice about them.  And they are only a newbie thing anyway.
 
No issues here making calls at night and Saturday. Still do. Thought the idea of YEIP's (you earned it points), was corny, especially since there was no verification of someone actually getting their AFO's in. I found it funny how the people winning everything weren't around six months later. I did get calls about the promos too, I remember I was in the bathroom and had forgotten to sign in. Sure enough, health leader phones me on my cell phone. I did win some cool prizes though...Edward Jones t-shirt, flag, thermos.....never did win an IPOD, damn.

rankstocks's picture
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Joined: 2005-02-10

Here's a complaint.
 
How about all the failures that bitch and moan about how bad a company they work for is, even though all they do all day is shuffle paperwork, buy 3 mochas, sit and post on Registered Rep all afternoon, arrange their pens in their desk over and over, surf the web for great deals on flatscreens, call their buddy that works at Jamba Juice to chit-chat, and then wonder why they fail.
 
How about those entitlement demanding new brokers that put the blame for failure on everyone else except the one place they should.....themselves.
 
How about the brokers that make sure to blame the company they work for for all their misfortunes, only to find out later they simply didn't have the work ethic needed to be successful.

Fud Box's picture
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Joined: 2009-01-08

You need to get a life. Period.

Swordoftruth's picture
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Joined: 2008-12-15

rankstocks wrote:
How about those entitlement demanding new brokers that put the blame for failure on everyone else except the one place they should.....themselves.
 
How about the brokers that make sure to blame the company they work for for all their misfortunes, only to find out later they simply didn't have the work ethic needed to be successful.
 
I think Rankstocks work ethic and success represent what's great about our industry.  To anyone who has made it I have to tip my hat.  Even with hard work, smart decisions, and a solid work ethic - it is difficult to make it in this industry.  I don't think anyone will argue with me on that point.
 
I think the knee jerk reaction to brokers who are washing out represents much of what is wrong with our industry.  Let me show why I think this.
 
 
1)  Most of the people I know who are on GOALS or who are washing out right now are not "having fun".  They're stressed out, tight on money, exhausted, and burnt out.  I'd like to meet this fantasy broker who sits in his office all day doing nothing.  I've never met that guy.  Most people who have that type of work ethic don't make it through segment one - forget about lasting five years or getting to Segment 3. 
 
If the market gets much worse for an enduring period of time maybe even some of the VETS will qualify for some of this uncertainty.  YET means your eligible too...
 
2)  What is it with our industry that it has to kick people when they're down??  I don't understand the cult of arrogance in our industry.  I am glad some people started their offices earlier than I did and are now "over the hump" with their business models.  I respect people who have built up their trails and fees to the point where they can survive even a catastrophic market down turn.  I tip my hat to guys who started in the 90's, a period that looks like Disneyland for most of us more recent arrivals.  This being said I don't understand the arrogance and venom that many of the vets show to people who are struggling.  I think the general public also dislikes this arrogance which is why our industry is getting grilled on a daily basis in public forums.
 
3.  I think knee jerk slogan reactions minimize the severity of the current crisis.  In 1929 I am sure a lot of brokers left the business.  I know for a fact that a lot of brokers left the business after the popping of the "Technology Bubble".  Now that we have experienced the worst year since 1931 - why is everybody ignoring the elephant in the living room.  Some people are going to go down in a year like this.  Why do vets always feel this inner need to paint everyone who leaves or goes down as a "loser" or as "lazy".  Is this inner need to criticize others really indicative of some personality flaw of the senior brokers?
 
4.  I would dare to say our industry's myopic short term view on production could be contrued as a weakness rather than a strength.  Sure, some guys are going to wash out and not make it.  I think the true proving grounds is in the first year or two.  Having a rigid almost militant stance during the worst financial crisis in 70 years shows the firms inability to adapt to a crisis situation.  Do they really think that replacing a bunch of Segment 3 guys with a bunch of green rookies is going to be a good business decision?  In the case of Jones it shows how much they are really like the big Wirehouses that they always act superior to.
 
5.  The firms militant stance on production even during a crisis flies in the face of their glaring blindspot towards inherited assets and nepotism.  If I were to adopt Rankstocks philosophy every asset inheritor is a clone of Ted Jones.  Every go it alone guy is lazy and not working hard enough.  I've never seen an asset inheritor fail.  I see plenty of go it alone guys fail.  Are all the asset inheritors superior to all the go it alone guys??  Of course not.  This flies in the face of the mythology of pure meritocracy.  Most firms are partial meritocracies at best.  I've heard strong arguments in favor of nepotism and cronyism.  Maybe it should remain.  But get the heck off the back of guys who are trying to build their businesses the old fashioned way.  Let's call a spade and spade.  The industry is somewhat corrupt.  I could handle the "laziness" arguments vets espouse towards people who fail if they didn't have such a blind spot to nepotism and cronyism.  you can't have it both ways.  Rigid idealism on the one hand and the "old boy" network on the other. 
 
This clash between the ideal and what really happens alone is enough to provoke rage and anger.
 
To some it all up, unless someone has walked a mile in your shoes they have no right to judge you.  Someone who is truly lazy has no right to complain.  Worn out slogans shouldn't be a substitute for real thinking.
 
Of course the successful want to credit all their success to hard work.  The people who fail want to credit their failure to bad luck.  Like investments themselves, the truth is somewhere in between.
 
We improve our odds by working hard.  Yet their is an element of chance which can contribute to the destiny of our businesses.  The margin between winning and losing can be slim;  one account, one referral center, one lucky break.
 
God bless us all during these uncertain times.  This post felt real good.  And by the way I worked this morning on a Saturday.
 
PEACE

Chitlin's picture
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Joined: 2008-10-26

ExJones'er here--independent now, and happy about it.  Here's my 2 cents worth:
Didn't like getting 33% on the average, give or take a little; netting $5 or $10 on a 50k CD sale, or $20 on a 100k sale; oh, I forgot about the hundreds of thousand $$ in Cds provided where I did not make squat!, but EJ made a little. It's all about the GP's. I could go on and on, but better not bore anyone.
 
 
 

B24's picture
B24
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buyandhold wrote:Lapide wrote:
B24,
The promo's are not only for "newbies".  Our region pushed hard for everyone to participate in the Saturday promos because the region wins money based on participation, that can be used for things during the summer regional meetings.  It's true that participation was optional, but when your RL sends out "wires" that he will be in the office making phone calls on a Saturday morning, it is implied that you should also be in your office making calls.
Lapide
 
What am I missing? You didn't work Saturdays and evenings your first few years?
 
 
I never said I don't work Saturdays or evenings.  For the first 2 years, I worked every weeknight and almost every Saturday.  Sundays were catch-up days.  I still work at least 3 weeknights (some of them at networking events, some of them in appointments, and some making calls), and at least every other Saturday (primarily making calls and playing catch up on office stuff). 
 
I just don't sign-in to some silly contest just to impress someone.  I have never once had someone ask me about it, so I never really cared.  And I don't need to be baby-sat.  My career prior to brokerage involved extreme hours and little "down time", so I find this to be easy compared to my prior life (not the "getting business part", but the hours and "intensity" part).  Many younger guys, or guys that didn't have it tough before this career have a hard time getting out of the "9-5" mentality.
 
Here's the ironic part.  In my prior career, you DID need to kiss a$$ and be "seen" working hard.  So I've been through that.  I know the right things to say, the right things to do, and what makes those above me tick.  Younger/inexperienced guys don't.  It's a game.  Just like life.  You play it at Jones.  You play it at Merrill.  You play it at the bank.  You don't have to play it if you're indy.  That's one of the benefits.  As you grow your business, you can afford to have bigger ball$ and thumb your nose at those above you.  When you start in this business (anywhere), just shut up, do what you're told, and work hard.  It will pay off down the road. 
 
This career is not for everyone.  Many people I see simply DON"T WANT to work as hard as they need to.  My buddy just went indy from Jones after 4 years.  He cold barely eek out an 8K gross month.  It had nothing to do with Jones, he admits he just doesn't want to work very hard or prospect.  I don't think he has it in him.  He's a good friend, and I REALLY hope he does well, but I don't think he'll make it as an indy (mostly because of too few assets).  He only went indy because he got put on goals and didn't come close to making the numbers.  I mean not even CLOSE.  And now he has no office, no assistant, no clients, no website, no literature, and no real plan for acquiring clients.  This business is just NOT for him.  I have seen this happen a few times before, and it seems that some of these people just shouldn't stay in this business. 

buyandhold's picture
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b24, I was responding to lapide, not to you. Agree with your points.

Lapide's picture
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Buyandhold,
 
I worked almost every Saturday for my first 3 years in the business, and I still don't go home until between 6-7 pm almost every night of the week.  I work about 2 Saturdays per month now, although I have worked every Saturday for the last little while (since I went Indy).  I have no problems with working on evenings and Saturdays and I think if you want to be successful then it is probably something most should do for a little while.  My only complaint, at EJ, I was told that as long as I ran an ethical, profitable office then I could work when and how I wanted, but when I missed one of the Saturday trimester promos (I think it was Shamrock Saturday, a couple of years ago) the Seg. 3 productivity leader called me and asked me why I didn't come in to the office to support the region.  I told him I was out of town on a family matter, and he told me that I was expected to be in the office for the next trimester Saturday promo, which I believe was called "Barbecue Saturday".  It was really emphasized in my region and you have to admit the names are a little cheesy.  Whatever works for you, my friend, it doesn't matter to me.  I am not bitter towards Jones and I haven't said a bad word about them to my clients.  I am grateful for the opportunity they gave me to start in the business, but I outgrew the limitations that Jones puts on their advisors and I decided to take my business in a different direction with my Indy firm.  I enjoy reading the forum and get a kick out of most of the complainers and defenders of the big "green" machine.  I've been in the business for over 5 years and I have read the forum for over 5 years, and yet I have posted less than 25 times.  I worked my tail off and I left Jones a successful advisor and believe I will continue to be successful with my new firm.  Work all the Saturdays you want and if you win some green wine coolers for Shamrock Saturday--more power to you.  --I'm out, the All-Star slam dunk contest is starting in a couple of minutes.
 
Lapide

Chitlin's picture
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Lapide wrote:Buyandhold,
 
I worked almost every Saturday for my first 3 years in the business, and I still don't go home until between 6-7 pm almost every night of the week.  I work about 2 Saturdays per month now, although I have worked every Saturday for the last little while (since I went Indy).  I have no problems with working on evenings and Saturdays and I think if you want to be successful then it is probably something most should do for a little while.  My only complaint, at EJ, I was told that as long as I ran an ethical, profitable office then I could work when and how I wanted, but when I missed one of the Saturday trimester promos (I think it was Shamrock Saturday, a couple of years ago) the Seg. 3 productivity leader called me and asked me why I didn't come in to the office to support the region.  I told him I was out of town on a family matter, and he told me that I was expected to be in the office for the next trimester Saturday promo, which I believe was called "Barbecue Saturday".  It was really emphasized in my region and you have to admit the names are a little cheesy.  Whatever works for you, my friend, it doesn't matter to me.  I am not bitter towards Jones and I haven't said a bad word about them to my clients.  I am grateful for the opportunity they gave me to start in the business, but I outgrew the limitations that Jones puts on their advisors and I decided to take my business in a different direction with my Indy firm.  I enjoy reading the forum and get a kick out of most of the complainers and defenders of the big "green" machine.  I've been in the business for over 5 years and I have read the forum for over 5 years, and yet I have posted less than 25 times.  I worked my tail off and I left Jones a successful advisor and believe I will continue to be successful with my new firm.  Work all the Saturdays you want and if you win some green wine coolers for Shamrock Saturday--more power to you.  --I'm out, the All-Star slam dunk contest is starting in a couple of minutes.
 
Lapide

Chitlin's picture
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Hallelujah!

Spaceman Spiff's picture
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Moraen wrote:Thanks to Borker and a little inventiveness earlier, tonight's edition will only feature 23 complaints. For those of you who have your own, I will post one more after my 23 tonight and I invite you to vent your own complaints. 1) The fact one minute you are a rock star and the next you the lowest of the low. - You know there's a reason rock stars from the 80's show up on reality TV these days.  They're flash in the pan performers.  Same thing in the brokerage industry.    2) The fact that you have to pay for chargebacks AND you only get 40%. - How does it work at other firms?  Is Jones doing something different than anyone else here? 3) The fact that those cheap bastards make you pay for stamps - and in some places you pay for your phone, internet, envelopes, etc too.   4) That they get upset when you get a client NOT knocking on a door - this one is the biggest lie I've ever seen written.  Jones doesn't care where you get  your clients.  Get them from your fishbowl in the restaurant if you want.  Just get them.   5) That when they ask you to speak in front of the region and you tell them what you are doing and it doesn't go along with Jones master plan - they ostracize you. - This is just poor planning on the case of those folks who were planning the speakers.  Not a Jones issue.   6) The fact that my old FSD couldn't have been more than fifteen and likely wasn't shaving - Is this because you didn't agree with him, or that he was just simply wrong and sounded like he was 15?  As long as he can read the rule book and make sure you follow it, it really doesn't matter how old he is.   7) Or how about a guy who went from the PASS program to a $50 mil office, churned and burned for two and a half years, and was sent back to the home office to be part of the "advisory solutions" team. - yeah, that sucks.  Care to share a name?     8) The fact that while they are not supposed to have territories..... they DO in fact have territories! - sorry, wrong again.  No territories at Jones.  And if your region imposed one, it wasn't sanctioned by HQ.  9) Or how about a Jones FA who calls you up after you meet with a large prospect, and says, "So I hear you met with Ed, who works at XYZ." Why, yes Bill I did. "Well, you know that I get all of the rollovers from XYZ". Not this one bitch! - Is this a Jones HQ problem or a misconception of Bill's?  Sounds like you handled it the way I would have, without the explitive.  10) The fact that the roleplaying they do is bogus and a bunch of crap. *Knock, knock* "who's there?" "Edward Jones broker." "Edward Jones broker who?" Edward Jones broker dan you son! - I guess you'd have rather they just said for the next three weeks you're going to be doorknocking from can til can't.  Have fun.  No practice, no role play, nothing.  Yeah, that would've worked.  You were probably one of those insecure/cocky guys who thought role playing was beneath you.  You probably sucked at doorknocking too.  11) The fact that if you send an email that talks about a security to a client who is serving in Iraq, it gets banned and you get a call from FSD. He's in Iraq, bitches! I can't pick up the handset, squeeze it a few times and get Joe on the phone!~ - You might have wanted to check with that 15 year old FSD before you started sending emails out on securities in the first place.  You couldn't do it if he was in the office right next door to you.  The fact that he was in Iraq brings up a whole different set if variables that you are evidently unaware of.    12) The fact an FA shows you his shoes and how he door-knocked his way to success and how worn they are - but on closer inspection - it is obvious that his dog started chewing the shit out of them. - Props are just that.  His book would have been a better thing to show you.  13) The fact that a guy got a chunk of his ass bitten off (23 stitches I believe) and they are praising this guy like he is the ultimate advisor  - one good dog bite does not a good advisor make.  Perhaps you are confusing what they are praising him for.  14) The fact that leadership (regional) doesn't know jack (or jill) about financial planning or securities - and I'm sure that at your advanced stage in the biz you obviously know a whole lot more than the 20 year vet that is probably your RL.  Not to mention the other vets that have only been out half that time.  Yeah, you're much more advanced than they are.  15) Or how about when someone tells you he got that $24k month from doorknocking because his mentor told him to tell everybody that, only to find out that it was his grandfather - I guess grandpa makes you knock and wipe your feet before he hands you a couple of million and tells you what to do with it. - You seem to be placing a lot of the blame for things like this with Jones HQ.  That guy was a tool if he listened to his mentor.   16) The fact the Jones trips have Jones people there. - Did you expect them to be from Morgan Stanley?  I've had some great trips and made great friends from around the country on those trips.  Met one of the small handful of $2 Mil producers and the only $3 Mil producer on those trips.  Tell me that in other firms I, a brand new 12 month vet,  could sit down and pick the brain of a $2 mil producer over a bowl of pasta in Italy.   17) Or using a PDA to look at the contact management system is garbage - if you can't see account info, what good is it? - They're getting there.  But it's not as functional as I'd like either.  18) The fact that the technology advisor was so old that technology to him consisted of when stirrups were invented for horseback riding.  - Yeah, he retired.  We have a new guy now.  Vinny Ferrari.  Yep, Ferrari.  Thus the reason our tech is changing so rapidly.  19) Or how about a girl takes over a $58 million branch and when people ask her how she is making $8k per month as a new existing, she replies, "I just make 25 contacts a day". - How about when the guy from Smith Barney tells you how successful he is and you find out later it's because he bought a $100mil book from a guy who is retiring.  Or you find out the reason the ML vet is so happy is because it's his book that gets the assets from the new guys who fail.  This isn't a Jones specific issue anywhere else but on this forum.   20) Or how about it takes "liquid courage" for someone who is your "segment leader" to tell you that you are undermining everything they are trying to do at Jones. - Again, is this a personal thing or a Jones thing.  It sounds like you are a piece of work.   21) Those same people get mad when you tell them you'll carve designs in their throats with your fingers if they don't keep their mouths closed. - Yes, officer, he did threaten me.  How do I file a restraining order? 22) Or how at every regional meeting they play those stale ass videos designed to give you vertigo - You gotta love Ted and Jack.   23) Here's a good one. How about when you try to set up an endowment for someone close to you and you are told that "Jones doesn't do that" then two months later, "Jim Bob's daughter died, we are setting up this fund and I think you should all contribute". Real names have been changed to protect the innocent.  - You may have me on this one.  I've not tried to set up an endowment.  Not even sure I'd know where to start.  I think I'd have to ask if what you were trying to set up is actually an endowment, or if you are just using that term because it best describes the use of the money.  For instance, did you want to set up an account for your best friend's daughter after he died so that she could pay the bills.  That may technically not be an endowment.  Like I said, I don't know for sure.    Ok. that's 23 for tonight. I'll start a new one and you can fill in your complaints: 1) The fact that people who love Jones are brainwashed tools who think that they work for the greatest company in the world, when in fact, it's a scam to take from people who can ill afford to lose their money. - How is it a scam and what is Jones taking?  You really shouldn't project your own shortcomings on the rest of the good Jones folks.  2) 3) 4) 5) 6) 7) 8) 9) 10) 11) 12) 13) 14) 15) 16) 17) 18) 19) 20) 21) 22) 23) 24) 25)

Fud Box's picture
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Joined: 2009-01-08

Spiff,
Seriously. This guy doesn't even deserve a response to his rants. They are clearly just a bunch of complaints...blaming everybody else and everything else for why his world is so awful. You gotta feel sorry for the guy. The utter lack of personal responsibility is absolutely sickening!
 
Moraen....nobody really cares what you think about Jones or any other company for that matter....but you should be ashamed of the person you've become.
 
I very much hope for nothing but the best for you...But somehow, I think if the best came along...you'd just bitch and moan at it.

noggin's picture
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Joined: 2004-11-30

I believe when it all is put together that Jones has a corporate culture that encourages isolation and that makes it easier for them to insist that things get done the "Jones way" you know the right way..... After you leave you realize what was going on as just exactly that, that doesn't make Jones a criminal organization but certainly doesn't leave one with warm feelings either. There are people who consider the company that have no idea what they are getting into and then there are those that know exactly what they are getting into. The culture is one of the things that keep Jones from attracting more transfer brokers in addtion to the technology. I am glad to have spent 6 years at jones learning and I am glad not to be there any longer than that. Does that make Jones evil, no no more than that makes it perfect. Personally having joined 2 other brokers with 35 years experience between them has taught me more in the last year than I learned at Jones in 6 years. That to me is the advantage of a multi broker office. I can certainly some who constantly have vemon for Jones. Many times you can confuse having a terrible regional leader with Jones being terrible and vice versa. I feel very sorry for my brethren that are still at Jones in my old region, they are being bled dry with no real light in the future for them. The Segment 3's in my old region had a meeting with the new regional leader and 90% of the Seg 3's are Red. They were told that when they go on goals there will be nothing that the RL will do for them. My heart goes out to them. Many of them took to heart the mantra that if you get to Segment 3 that things are different and we won't put you on goals and fire you. The truth is a little different. I believe Jones is better than that, maybe they aren't.......

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

Noggin,
 
I actually agree with some of what you're saying.  I also agree with some of Spiff's rebuttals to Maureen.  I think things are changing at Jones.  I actually think they are getting better.  Personally, I think they give too many people too much rope.  Too many REALLY low producers that need a kick in the pants.  I can't understand how some people were allowed to make it at Jones.  It seems that they are starting to tighten things up.  It's going to hurt for awhile, but I think it's the right thing to do.  When they say the legal, ethical, profitable thing, too many people forget about the "profitable" part.  We only recently moved the minimums up to 18K gross/mo.  I don't think that should be very difficult for someone after 5 years.  If you don't have it figured out by then, you probably shouldn't be in this business.  And you won't get fired for doing under 18K.  You won't even get put on goals until you're at 40% of standard.  I know 10 year vets that have never done over 225K in a year, and they will never get fired.  I know a lot of people are getting put on goals and fired right now.  But man, if you can't muster up more than 5 or 6K a month consistently, how can a firm realistically keep you? 

Moraen's picture
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Joined: 2009-01-22

Spiff,

Let's address some of your rebuttals (quite good I might add - looks like you spent some time on them).

1) As for rock stars being on reality shows, two different industries - you should know better.
2) Some firms pay for chargebacks - I'm independent now, so I don't worry about it.
3) I pay for everything now, but my payout is 100%
4) It's not a lie. When they ask you how you got the big client and you say, "well, I sent out an email letting everybody I know what I do, and this was someone's parents who have a lot of money", I was told, "that's great, but you aren't going to get any accounts like that NOT doorknocking... that's what you really should be doing". Don't tell me something is a lie, when it's happened to me.
5) How is it poor planning - they were upset that I wasn't telling the newbies how to prospect the Jones way? What, they should not put someone who is successful up there? Isn't that what they are trying to do, have people make money?
6) It's because my FSD was educated like he was 15.
7) You must know who it is, or you wouldn't ask. I can tell you he's in the South.
8) Are you in HQ to know that? I know you used to be, but things "have changed as you've mentioned". Would someone dare defy a regional leader and area partner?
9) I didn't actually use the expletive. After that incident, I was told by my regional leader that unless it was a personal friend, that I should back off - that Bill had a relationship with these guys at XYZ - you can't make this stuff up - I admit that my old region was probably more of an old boys club than most, but it surely was.
10)   Realistic role play would have been better. I took the visiting vet aside and asked him what it would really be like, and we worked on it - however, HQ has no clue what it's really like even though they "go doorknocking just like we do".
11) According to FINRA rules I can talk about securities. I can make no recommendations, I can make no guarantees. That is a Jones thing. I can give factual information. For instance, yes you own 100 shares of Apple. Accountlink was not working.
12) He had a great book - mostly garnered rollovers from XYZ company - yep it was Bill. He just camped out at HR at XYZ and must have walked back and forth for coffee so much his shoes got worn!
13) They guy was producing less than $120k when I left and he had already been there three years and taken over $6mil - you tell ME why they were praising him.
14) The difference between me and the RL's is that I am a student of the markets, and am in fact taking level III of the CFA exam in June. How many RL's do you know that have done that? Which I've also managed to do while running my own business.
15) Is the mentor not affiliated with Jones - did I miss something? Did we get mentors that work for other firms
16) Just so you know, I don't give a flip about other firms. I give a flip about MY firm. I've been on those trips, and I've heard the endless chatter of how great Jones is. Give me a break, I'm on vacation!
17) I'm glad we agree on the PDA - I made a suggestion about using PDA's with biometric readers and was told, "St. Louis is handling it". OK, thanks for playin'
18) No offense to Vinny Ferrari - I actually like him, doesn't seem like a complete tool like the rest. I wasn't talking about home office - I was talking about the regional technology advisor - this guy was 80 if he was a day. Sorry for the confusion
19) I agree about SmithBarney and the other firms, but I joined Jones because I thought they were different - and they tell you that they are different - but there really is no difference, and that's why I had to leave.
20) I was "undermining" what they were doing at Jones by telling new FAs that they could use different methods to prospect or they could spin their wheels doorknocking - trust me, in this area, doorknocking = bad idea. Forgive me for trying to help newbies.
21) Ok, this one was a little out of line. And really, I only threatened the guy who tried to grab my wife's ass.
22) I love Ted - and Jack for that matter - Ted Jones was a great man and so was Jack Phelan - but the firm doesn't seem to have Ted's spirit anymore.
23) No, it was to create an endowment that would fund a scholarship. I tried several avenues through Jones, was told that it couldn't be done. Then lo and behold! Someone close to the RL dies and bam! Of course we can do that.

Listen, Jones is a good firm - better than most. Most of my hate is just that - MINE. And while my old region may be unique in some regards, I've heard enough stories from other regions to know that it wasn't just my region on some of these things. In fact, there were some that were worse than mine. Ironically, though I would never have left the firm if I had been in the region right next to mine. That RL is a class act and so are the advisors in that region. Everybody's experience is different.

And yes, I have some issues. Most of mine are because I think I was sold a bill of goods based on a lie. I felt betrayed. So forgive me if I'm a little upset.

But, I've already calmed down quite a bit - and now back to work - building a company that does what it says.

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

You have some valid points.  This business isn't a fair one.  People in the field sometimes play by the rules they make up themselves rather than the ones that Jones makes.  A lot of your experience seems to be a direct correlation to your RL and his group of FAs that he relied on.  I've heard some of those stories too.  And it evidently sucks to be in one of those regions.  I'm not, so I don't have any of those stories.  I'm not going to go back and reply to all of your comments again, so we'll just have to agree to disagree. 
 
noggin - those seg 3 people in your region who thought that once you hit seg 3 you were free and clear to make whatever you wanted without regard to the performance chart were fooling themselves.  I've personally never heard anyone, HQ or otherwise, say that once you hit seg 3 Jones won't put you on goals and fire you.  I'm under no misconceptions that if I hit 40% of standard, which at this point in my career is about $10,800 that Jones wouldn't in a heartbeat put me on goals.  There are a huge number of Seg 3 advisors who are red right now.  Some guys who just a few months ago were exceeding expectations.  It sucks for them to be in that situation.  But they didn't get there overnight.  It shouldn't be a suprise when someone gets put on goals.  You have to know what you need to produce to keep your job.  If Jones will term one of their largest producers for an HR violation, they'll certainly term a seg 3 guy for not hitting his production goals.  It is after all a business.   

Swordoftruth's picture
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Joined: 2008-12-15

Spaceman Spiff wrote:
 noggin - those seg 3 people in your region who thought that once you hit seg 3 you were free and clear to make whatever you wanted without regard to the performance chart were fooling themselves.  I've personally never heard anyone, HQ or otherwise, say that once you hit seg 3 Jones won't put you on goals and fire you.  I'm under no misconceptions that if I hit 40% of standard, which at this point in my career is about $10,800 that Jones wouldn't in a heartbeat put me on goals.  There are a huge number of Seg 3 advisors who are red right now.  Some guys who just a few months ago were exceeding expectations. 
 
It pays to stay over that 40% line.  Obviously we all want to do well and make money.  That's why we joined this business.
 
The all or nothing aspect of this business can make you crazy.  It's great when it's great and it sucks $%##@ when it's no good.  There is a luck and timing element to this business as well that nobody wants to talk about.
 
I don't care how anybody slices it - this isn't a good time to be Segment 3.  You got the high quota line and a small book.  You want to have your trails built up precisely for markets just like this.
 
The Segment 3 brokers who were exceeding expectations a few short months ago didn't suddenly become bad brokers.  I know there are guys out there who act like they never made a mistake or missed a quota.  I wish they'd send me a slice of the loincloth so I could make it a prayer cloth and walk on water.

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