EDJ - Got to ask

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CORR's picture
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Joined: 2010-02-02

Okay, so I am new to this forum and a lot of responses have slammed EDJ. Why do some people here hate Edward Jones so much? Is it because of their "door-to-door" approach? Fees? What is it that makes some members here knock them? (No, I dont work for EDJ either.)

It's my observation that some advisors love them, and some hate them. There really isn't much in the middle.

I know some of y'all will give stupid remarks, but try to keep them serious.

Moraen's picture
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Joined: 2009-01-22

I'm sure this has been commented on before, because I know the question has been asked.  But I'll answer it anyway, since it would be interesting to see if my answer has changed any.People hate Edward Jones for several reasons.  1)  It is easy to hate the guy on top (EDJ is after all #1 in client satisfaction, no matter what conspiracy theories I may have about how it is conducted; they are usually #1 on the broker report card and up there on the best places to work as well).2)  Their platform.  Jones has a certain theory on how money should be managed and they stick to it.  I think they are wrong in their approach and use outdated models.3)  Most of all, I think people who used to work at Jones (myself included) were sold a bill of goods they didn't quite receive.  There are those who weren't of course, but I think they are actually in the minority.4)  Another reason is hypocrisy.  Putting someone forward as the representative of how you should run your business or look up to simply because he inherited $30+ million in assets.  I'm sure there are other reasons, but those are some I can think of.

BigCheese's picture
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Joined: 2009-07-13

I didn't trust Jones management to live by their credo that the client came first. Actions speak louder than words and they never walked the talk.
For the record one can be opposed to a firm without hating it. I got out almost four years ago (after nine years with the firm) and am grateful I did. I think Jones is THE place to learn if you can make it in the biz, but after 3-5 years its time to look at options. It just took me longer to jump.

Spaceman Spiff's picture
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From the other side of the coin...Jones is a quality company.  The partnership structure meant that while our competitors are worrying about solvency and ownership, we can concentrate on FAs, financial health of the firm, and client satisfaction.  We do have a specific way that we think money should be managed.  It's been basically the same philosophy for decades.  There have been some tweaks here and there, but the basic idea is to buy good stuff and hold onto it.  Nothing fancy. 
 
Moraen has a point with the guy who inherited or took over a $30MM branch and immediately gets put up on the platform to tell others how they should run their branch.  While those situations are relatively rare, they do exist.  And nothing is more frustrating, especially to the guy who is struggling because he DIDN'T inherited Uncle Joe's office, to have to endure listening to one of those guys blather on about how they do this or that.    But for every one of those there are ten guys who have either started from scratch (a rarity these days) or started with a small book that they had to grow.
 
Most of the guys you run into here that are what I would call anti-Jones had a beef with the management.  Witness the two above.  They thought they were promised something that didn't get delivered.  Only they know if that was reality or not.  Me personally, I've never been promised anything by Jones that they didn't deliver on.  Or they believe they know how to better run a company than John Bachmann, Doug Hill, Jim Weddle, et al.  My guess is that they would have eventually gotten pissed of at any manager at any company who tried to tell them how to run their business.  So, they go indy or RIA and take that off the table. 
 
For those, like me, who are willing to ignore the management stuff and know that eventually it will change again anyway, Jones is a great place to build your business and stay for a long time.  While the payout may seem attractive at times at the indy firms, especially when you have a $10K net month and see your net/net/net paycheck,  there are other benefits that guys like me find more attractive than the money.  To each his own.   
 
Now, I will say that you're also going to find two groups of anti-Jones guys - group one (BigCheese is their role model) finds fault in basically everything that Jones does.  The company can't do anything right.  And anyone who continues to work there is a kool-aid sucking drone who isn't capable of any real thoughts beyond what Jones tells them to think.  They spout the same anti-Jones rhetoric all the time.   
 
The others (guys like Moraen) will tell you Jones is a great place for this or that, a great place to start, don't generally have a true hatred for the company, but yet wouldn't ever consider working for them again and don't have a problem telling you that you should work for someone else.  They simply wanted something different than what Jones had to offer and figured the best way to get it was to do it themselves.  Kudos to them.        

Moraen's picture
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Joined: 2009-01-22

Spaceman Spiff wrote:From the other side of the coin...Jones is a quality company.  The partnership structure meant that while our competitors are worrying about solvency and ownership, we can concentrate on FAs, financial health of the firm, and client satisfaction.  We do have a specific way that we think money should be managed.  It's been basically the same philosophy for decades.  There have been some tweaks here and there, but the basic idea is to buy good stuff and hold onto it.  Nothing fancy. 
 
Moraen has a point with the guy who inherited or took over a $30MM branch and immediately gets put up on the platform to tell others how they should run their branch.  While those situations are relatively rare, they do exist.  And nothing is more frustrating, especially to the guy who is struggling because he DIDN'T inherited Uncle Joe's office, to have to endure listening to one of those guys blather on about how they do this or that.    But for every one of those there are ten guys who have either started from scratch (a rarity these days) or started with a small book that they had to grow.
 
Most of the guys you run into here that are what I would call anti-Jones had a beef with the management.  Witness the two above.  They thought they were promised something that didn't get delivered.  Only they know if that was reality or not.  Me personally, I've never been promised anything by Jones that they didn't deliver on.  Or they believe they know how to better run a company than John Bachmann, Doug Hill, Jim Weddle, et al.  My guess is that they would have eventually gotten pissed of at any manager at any company who tried to tell them how to run their business.  So, they go indy or RIA and take that off the table. 
 
For those, like me, who are willing to ignore the management stuff and know that eventually it will change again anyway, Jones is a great place to build your business and stay for a long time.  While the payout may seem attractive at times at the indy firms, especially when you have a $10K net month and see your net/net/net paycheck,  there are other benefits that guys like me find more attractive than the money.  To each his own.   
 
Now, I will say that you're also going to find two groups of anti-Jones guys - group one (BigCheese is their role model) finds fault in basically everything that Jones does.  The company can't do anything right.  And anyone who continues to work there is a kool-aid sucking drone who isn't capable of any real thoughts beyond what Jones tells them to think.  They spout the same anti-Jones rhetoric all the time.   
 
The others (guys like Moraen) will tell you Jones is a great place for this or that, a great place to start, don't generally have a true hatred for the company, but yet wouldn't ever consider working for them again and don't have a problem telling you that you should work for someone else.  They simply wanted something different than what Jones had to offer and figured the best way to get it was to do it themselves.  Kudos to them.        Nail-head.While I would never work for Jones again, I would recommend them to people.  In fact, a friend of mine wanted to come work with me, and has zero experience selling.  I told him he should go work for Jones first, and that if my recommendation meant anything, then I would give one (I'm sure that it doesn't), but I have friends who still work there who can recommend them.

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B24
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I see both points.  I agree, Jones is a good company.  Weddle has made some of the best (only) changes to the company in decades.  You can't change a company on a dime.
I think the partnership aspect is good for clients and good for the firm.  I'm not enamoured with the LP opportunity, but I think investment firms, accounting firms, law firms, etc. should always be structured as partnerships.  I think firms going public and the end of Taft-Hartley were two of the worst things that could have happened for our industry.  Now the "partners" are sharing the profits with a million other "partners".  That's the beauty of a partnership - you don't have to share the profits.  I also think employee/management ownership helps in the long-run.
 
Having said that, I disagree with some of the ways they manage the firm.  My biggest three beefs:
 
1. More focus on FA headcount growth than anything.  That's ALL we seem to hear about.  I realize we need to grow.  But funnelling more of those millions towards internal asset growth versus newbie headcount/training is just stupid.  We have 10-15 year vets doing 225K gross year after year after year.  Can't we find a way to "encourage" asset growth among our veterans?  Not that I like grids and penalty boxes, but c'mon.  At 225K gross, you are bringing nothing to the firm.  Why hire 10 more guys, spend $1mm to train them for a year, only to see 2 or 3 succeed?
 
2. Improve the Goodknight/apprenticeship process.  I think it would benefit EVERYONE involved (firm, FA, clients) if FA's were required to apprentice in an existing office for 3 years before getting their own office.  I could list all the reasons, but bottom line, you don't need to build a new office, hire an assistant, and send a guy on his own doing only 80K gross.  That just starts the revolving door at the new office.
 
3.  I don't like the investment process.  It's great for newbies with no clue.  It's excellent in fact.  But for more experienced FA's, there is very little lattitude with investments.  Essentially, Advisory Solutions just gave clients another way to pay for the same basic investment philosophy.  Don't get me wrong, AS is good as far as mutual fund wrap programs are concerned.  It's far better than A-share, one-fund family approaches.  But there should be far more flexibility.  I don't care if you make the FA "graduate" into a more complex program (UMA-type program for example) through training, testing, etc.  But you need to give FA's some more latitude.

Ron 14's picture
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Joined: 2008-07-10

CORR wrote:Okay, so I am new to this forum and a lot of responses have slammed EDJ. Why do some people here hate Edward Jones so much? Is it because of their "door-to-door" approach? Fees? What is it that makes some members here knock them? (No, I dont work for EDJ either.) It's my observation that some advisors love them, and some hate them. There really isn't much in the middle. I know some of y'all will give stupid remarks, but try to keep them serious.
 
Edward Jones is a good company with quality people. I think they offer great value for the clients they serve and if I were to get hit by a truck today my wife knows that the first contact she needs to make is to a friend of mine with EJ. He is a CFP, runs a 100mil+ book, has a great heart for helping people, and is only 38 years old.
 
That being said every company has clowns and I ran into plenty when I was at Jones. The hypocrisy Morean mentioned is a huge problem with Jones and you need to be VERY WELL educated on the industry before you make a decision on where to begin your career. You also have to be extremely honest with yourself and your personality to see where you will best fit. Jones, like all firms, will sell you on their opportunity. The best way to proceed, in my opinion, is to look at their earnings estimates for FA's during the hiring process. See what you believe you can make with them in the first 5 years. If you don't have a natural market or previous sales experience, cut that number in half.

UNDERMINDED's picture
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Joined: 2008-10-14

Edward Jones is the BEST FIRM EVER!!!!!!!!!!!!!
 
Every other firm is full of crooks and a-holes!!!!!!!!
 
American Funds is all you need, Tax Free Bonds were created by Jesus H. himself!!!!!!
 
Knocking on doors is better than cold calling!!!!!!!!!
 
St Louis is the best city EVER!!!!!!!!!
 
The Rams will win the Super Bowl this year because they play in the Edward Jones dome!!!!!!
 

Weddle Me's picture
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Edward Jones #1

noggin's picture
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Joined: 2004-11-30

I guess I would fall into quite another category. I didn't really have a beef with management but I was rather disappointed with the company's response to a major issue in my old region. They frankly didn't display the qualities that they were never shy about talking about. That being said they are a good company to start for and as long as you understand the limitations that you will have there i.e......product.....strategy. After being gone from the Ed Jones machine, there is a total emphasis on the FA headcount that used to drive me bonkers when I was there. That being said, there is so much to this industry that until you are immersed in the industry you cannot fathom all the implications of the firm you started with until you are there 3 years or more...It takes at least that long to be competent to help your clients rather tahn your wholesaler.

RealWorld's picture
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Joined: 2009-07-13

Was just at Spring regionals. Panel of  FAs at the end telling us how to run our business. One of the guys works 30 hrs a week after getting 30million non compete. Biggest loser in our region.....
They introduce him "____'s 4 month rolling average is 4 times what it was a year ago, WAY TO GO, How did you do it?"
I can tell you how the moron did it, he went from new new making nothing to having a 30mill book, it is actually shameful that is four month is only 4 times what it was.
 
That is my largest beef along with the unfair work performance expecatations. Meaning that guy who took over 30 million has the same expectations as someone who took over 3, Those expectations DIRECTLY effect your compensation on both a month to month and a bonus period basis. IF the guy with 3 million grosses 5K a month, he is not working were the guy with 30 million can gross 10K and still be put in front of the group like a stud when in fact they are the largest failures......
 
deep breathes... that is my problem with the firm.  

hotair1's picture
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RealWorld wrote:Was just at Spring regionals. Panel of  FAs at the end telling us how to run our business. One of the guys works 30 hrs a week after getting 30million non compete. Biggest loser in our region.....
They introduce him "____'s 4 month rolling average is 4 times what it was a year ago, WAY TO GO, How did you do it?"
I can tell you how the moron did it, he went from new new making nothing to having a 30mill book, it is actually shameful that is four month is only 4 times what it was.
 
That is my largest beef along with the unfair work performance expecatations. Meaning that guy who took over 30 million has the same expectations as someone who took over 3, Those expectations DIRECTLY effect your compensation on both a month to month and a bonus period basis. IF the guy with 3 million grosses 5K a month, he is not working were the guy with 30 million can gross 10K and still be put in front of the group like a stud when in fact they are the largest failures......
 
deep breathes... that is my problem with the firm.  
 
Really?  That effects you how?  If that is your biggest problem with the firm you must have only worked at Walmart before this.  Shut up and produce.

Moraen's picture
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hotair1 wrote:RealWorld wrote:Was just at Spring regionals. Panel of  FAs at the end telling us how to run our business. One of the guys works 30 hrs a week after getting 30million non compete. Biggest loser in our region.....
They introduce him "____'s 4 month rolling average is 4 times what it was a year ago, WAY TO GO, How did you do it?"
I can tell you how the moron did it, he went from new new making nothing to having a 30mill book, it is actually shameful that is four month is only 4 times what it was.
 
That is my largest beef along with the unfair work performance expecatations. Meaning that guy who took over 30 million has the same expectations as someone who took over 3, Those expectations DIRECTLY effect your compensation on both a month to month and a bonus period basis. IF the guy with 3 million grosses 5K a month, he is not working were the guy with 30 million can gross 10K and still be put in front of the group like a stud when in fact they are the largest failures......
 
deep breathes... that is my problem with the firm.  
 
Really?  That effects you how?  If that is your biggest problem with the firm you must have only worked at Walmart before this.  Shut up and produce.Morale.  Not to mention, it doesn't help when people are genuinely looking for ideas.

B24's picture
B24
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I find the problem with these "newly minted rock stars" is that their ideas are so different than what other newbies need to hear.  If I am out 2 years and have 75 housholds and 10mm AUM, I don't need to be told how to manage and mine my book.  I don't have a book yet!  If you are given 650 households, even if many are not that great, you probably don't ever have to "prospect" again in the strictest sense.  You are more focused on developing and mining your book, and culling referrals from them.  You aren't out knocking on doors and cold-calling.
This is exactly what happened in my region.  RL's son got a $40mm Goodknight, and over 600 households.  Dad never did insurance.  First thing son does is start meeting with all 600 clients, doing insurance, pulling in new assets, etc.
Mind you, I DO NOT have hard feelings about people inheriting books, especially family.  I think that's how it should be.  And I actually like the RL AND his son.  They'er both good people, and modest as well.  But he is the "Rock Star' of teh region now.  Field Tainer, Mentor, Seg 3 leader, etc., etc.  The fact is, ANY knucklehead could do what he has done.  He has taken that 40mm book and is doing about 25-30K per month gross.  Not bad.  But that's about what you would expect for that size book now being worked aggressively.

Ron 14's picture
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Moraen wrote: hotair1 wrote:RealWorld wrote:Was just at Spring regionals. Panel of  FAs at the end telling us how to run our business. One of the guys works 30 hrs a week after getting 30million non compete. Biggest loser in our region.....
They introduce him "____'s 4 month rolling average is 4 times what it was a year ago, WAY TO GO, How did you do it?"
I can tell you how the moron did it, he went from new new making nothing to having a 30mill book, it is actually shameful that is four month is only 4 times what it was.
 
That is my largest beef along with the unfair work performance expecatations. Meaning that guy who took over 30 million has the same expectations as someone who took over 3, Those expectations DIRECTLY effect your compensation on both a month to month and a bonus period basis. IF the guy with 3 million grosses 5K a month, he is not working were the guy with 30 million can gross 10K and still be put in front of the group like a stud when in fact they are the largest failures......
 
deep breathes... that is my problem with the firm.  
 
Really?  That effects you how?  If that is your biggest problem with the firm you must have only worked at Walmart before this.  Shut up and produce.Morale.  Not to mention, it doesn't help when people are genuinely looking for ideas.
 
BINGO. I am there spending time with "Vets" at call sessions, New FA meetings, Regionals, etc. to get ideas and learn about the business I am new to. I don't want to sit there and waste MY time or entire weekends listening to the American Funds wholesaler and Johnny Thirtymil tell me what is working for him.

Mr.Blonde's picture
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Joined: 2009-10-06

Ditto everything about those inheriting books and being help up as the next Troy Nelson. There are some quality people at Jones though and it is a fantastic place to start and learn the business. HR department for the industry.

BigCheese's picture
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Joined: 2009-07-13

spiff-
 
Since yoiu are so quick to categorize me as a hater of Jones. Let me set the record straight again. I did not trust management. I don't hate Jones. I liked the Fa's I worked with. I didn't get along with my RL because he was and is a pompous jerk. I left in good standing, in the green, segment 4 (they didn't have seg 5 then) very profitable.
 
What Jones is looking for is rose colored glasses FA's and Spiff is the eptiome of that type of rep. Although he probably would serve the firm better in the communications department, he has readily admitted in the past his role here is to defend the firm...and judging from the number of repsonses he is doing an awesome job of that.
 
He isn't remotely balanced and hasn't the tenure yet as an FA nor has he ever worked for any other firm. Spiff is exactly the type of rep Jones is looking for. One who doesn't offer management any problems and is an average producer and thinks that Jones is a fine firm. Before Spiff goes off and tells us how I couldn't possibly know about him (I am referencing the typical Jones FA). It's the same company line just a different day for him to respond.

RealWorld's picture
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Hot Air?
I don't understand how it could be hard to realize how my situation would be frusterating. The most frusterating thing is really that one of the true benefits of Jones is to learn from the other people and get ideas. Why put people on a pedastool who have no ideas? That is called wasting my time and I can do that independently without paying 60% of my check. Right?
 
Lastly, don't tell me to produce. I do. Very well actually, it is funny how careers go at Jones and sometimes I think that I am talking to vets on here and most are newbies. I have been out a while and with Jones since 2003. I imagine I produce more than you, but then again this is the internet so no need getting into a pissing match. I am just a little taken back by your incredibly ignorant and defensive stance to my post.

rankstocks's picture
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Joined: 2005-02-10

---Dear Jones brokers that are upset about brokers inheriting assets and then giving speeches at regionals.....grow a set.  If it concerns you so much, why not call them out.  I do it in the occational regional I go to (maybe that's why half the region loves me and half hates me).  But what difference does it make.  I even had our Area leader giving a talk about how great the number one producer at Jones (based in North Dakota I think) got there in something like 5 years.  I actually interupted him and asked how many assets he had inherited (knowing the answer), took the wind out of the area leader's sail, but there's always a story behind a fast starter like that (Inherited 150 million or so). 
 

-There is a classification system that I use.  Its called the SPOON scale.  It comes from the common phrase, "born with a ______ spoon in his mouth."   Less than 5 million doesn't make a grade.  5-10 million is considered a SILVER SPOON. 10-30 million is considered a GOLD SPOON.  30+ is generally a PLATINUM SPOON.  If they ever get smart with you, ask them if the they would teach you to run a seminar titled, "How to inherit a large book" and that it would be very helpful for your business.
 
-Anything under 30 million really doesn't make a difference over the long run anyway.  Every broker that started in my region within 5 years that inherited reasonable assets I have more than doubled, and I wasn't handed a thing.  Doorknocked for 2 1/2 years, coldcalled, did seminars, and prospected the hell out of people.  So focus on what you can control, and that's hammering the doors or the phone.  Once you crack around 50 million the business takes on a life of its own.

rankstocks's picture
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By the way, there was a guy that inherited 70 million in my region around 10 years ago.  It was a succession plan with another broker.  He was getting a little c***y one day, so I let him know it would be just a matter of time before I passed him.  Sure enough, around 5 years later, there I was, looking at him in my rear view mirror.  He's now around 50 million behind.  Once again, control what you can control.

Mr.Blonde's picture
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rankstocks wrote:---Dear Jones brokers that are upset about brokers inheriting assets and then giving speeches at regionals.....grow a set.  If it concerns you so much, why not call them out.  I do it in the occational regional I go to (maybe that's why half the region loves me and half hates me).  But what difference does it make.  I even had our Area leader giving a talk about how great the number one producer at Jones (based in North Dakota I think) got there in something like 5 years.  I actually interupted him and asked how many assets he had inherited (knowing the answer), took the wind out of the area leader's sail, but there's always a story behind a fast starter like that (Inherited 150 million or so). 
 

-There is a classification system that I use.  Its called the SPOON scale.  It comes from the common phrase, "born with a ______ spoon in his mouth."   Less than 5 million doesn't make a grade.  5-10 million is considered a SILVER SPOON. 10-30 million is considered a GOLD SPOON.  30+ is generally a PLATINUM SPOON.  If they ever get smart with you, ask them if the they would teach you to run a seminar titled, "How to inherit a large book" and that it would be very helpful for your business.
 
-Anything under 30 million really doesn't make a difference over the long run anyway.  Every broker that started in my region within 5 years that inherited reasonable assets I have more than doubled, and I wasn't handed a thing.  Doorknocked for 2 1/2 years, coldcalled, did seminars, and prospected the hell out of people.  So focus on what you can control, and that's hammering the doors or the phone.  Once you crack around 50 million the business takes on a life of its own.

Rank,
 
Is that North Dakota guy Troy Nelson? I was led to believe he started from scratch and just did a ton of insurance?

Moraen's picture
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Rank - I did just as you say when I was there.  Talk about getting ostracized.  Yes, half of the region loved me, but they weren't the half that had the influence.  It got to the point where the wives gave my wife a hard time.  And my wife doesn't play.  Needless to say, it was easy to leave.

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B24
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Mr.Blonde wrote: rankstocks wrote:---Dear Jones brokers that are upset about brokers inheriting assets and then giving speeches at regionals.....grow a set.  If it concerns you so much, why not call them out.  I do it in the occational regional I go to (maybe that's why half the region loves me and half hates me).  But what difference does it make.  I even had our Area leader giving a talk about how great the number one producer at Jones (based in North Dakota I think) got there in something like 5 years.  I actually interupted him and asked how many assets he had inherited (knowing the answer), took the wind out of the area leader's sail, but there's always a story behind a fast starter like that (Inherited 150 million or so). 
 

-There is a classification system that I use.  Its called the SPOON scale.  It comes from the common phrase, "born with a ______ spoon in his mouth."   Less than 5 million doesn't make a grade.  5-10 million is considered a SILVER SPOON. 10-30 million is considered a GOLD SPOON.  30+ is generally a PLATINUM SPOON.  If they ever get smart with you, ask them if the they would teach you to run a seminar titled, "How to inherit a large book" and that it would be very helpful for your business.
 
-Anything under 30 million really doesn't make a difference over the long run anyway.  Every broker that started in my region within 5 years that inherited reasonable assets I have more than doubled, and I wasn't handed a thing.  Doorknocked for 2 1/2 years, coldcalled, did seminars, and prospected the hell out of people.  So focus on what you can control, and that's hammering the doors or the phone.  Once you crack around 50 million the business takes on a life of its own.

Rank,
 
Is that North Dakota guy Troy Nelson? I was led to believe he started from scratch and just did a ton of insurance?

From what I heard, it went something like this...Troy's father was a huge insurance producer in town. He was retiring or something and convinced all his clients to move their stuff to Troy.
I am not a naysayer, but most of the people at Jones that are big producers in a short amount of time did it with a LOT of help. There are plenty of longer-term big producers that actually did it themselves, but you don't produce $3mm in one year through doorknocking.

Mr.Blonde's picture
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B24 wrote: Mr.Blonde wrote: rankstocks wrote:---Dear Jones brokers that are upset about brokers inheriting assets and then giving speeches at regionals.....grow a set.  If it concerns you so much, why not call them out.  I do it in the occational regional I go to (maybe that's why half the region loves me and half hates me).  But what difference does it make.  I even had our Area leader giving a talk about how great the number one producer at Jones (based in North Dakota I think) got there in something like 5 years.  I actually interupted him and asked how many assets he had inherited (knowing the answer), took the wind out of the area leader's sail, but there's always a story behind a fast starter like that (Inherited 150 million or so). 
 

-There is a classification system that I use.  Its called the SPOON scale.  It comes from the common phrase, "born with a ______ spoon in his mouth."   Less than 5 million doesn't make a grade.  5-10 million is considered a SILVER SPOON. 10-30 million is considered a GOLD SPOON.  30+ is generally a PLATINUM SPOON.  If they ever get smart with you, ask them if the they would teach you to run a seminar titled, "How to inherit a large book" and that it would be very helpful for your business.
 
-Anything under 30 million really doesn't make a difference over the long run anyway.  Every broker that started in my region within 5 years that inherited reasonable assets I have more than doubled, and I wasn't handed a thing.  Doorknocked for 2 1/2 years, coldcalled, did seminars, and prospected the hell out of people.  So focus on what you can control, and that's hammering the doors or the phone.  Once you crack around 50 million the business takes on a life of its own.

Rank,
 
Is that North Dakota guy Troy Nelson? I was led to believe he started from scratch and just did a ton of insurance? From what I heard, it went something like this...Troy's father was a huge insurance producer in town. He was retiring or something and convinced all his clients to move their stuff to Troy. I am not a naysayer, but most of the people at Jones that are big producers in a short amount of time did it with a LOT of help. There are plenty of longer-term big producers that actually did it themselves, but you don't produce $3mm in one year through doorknocking.
 
Thanks B24, that does make more sense.
 
One of the top guys in the firm, good Canadian boy named David Gunn, GP now from Calgary started from scratch in 2000 or 2001 and up until 2007 gathered around 50 million. Then in 2008 before things went off the rails, was up to 100 million, confirmed on the green screen. Now that is trajectory! I don't know the story but production was pretty close to 2 million. All that and he used to sell cars.

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That may be, but I guarantee he had a "hook". There's no way to capture $50mm in one year at Jones without a hook. You can do it at a firm that specializes in insitutional money or Ultra HNW folks, but you simply can't gather that many assets in one year slinging American Funds. Even if every account was $500K, that would be 100 households at 500K each. I have heard of guys buying other books and transferring them to Jones (under the radar). Not sure if this was the case with him.

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B24 wrote:That may be, but I guarantee he had a "hook". There's no way to capture $50mm in one year at Jones without a hook. You can do it at a firm that specializes in insitutional money or Ultra HNW folks, but you simply can't gather that many assets in one year slinging American Funds. Even if every account was $500K, that would be 100 households at 500K each. I have heard of guys buying other books and transferring them to Jones (under the radar). Not sure if this was the case with him.
 
Probably.

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Moraen wrote: Rank - I did just as you say when I was there.  Talk about getting ostracized.  Yes, half of the region loved me, but they weren't the half that had the influence.  It got to the point where the wives gave my wife a hard time.  And my wife doesn't play.  Needless to say, it was easy to leave.

Your wife must have a thin skin and be a drama queen.
Your a broken record with your wife.
Heard it a dozen times.

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DD wrote: Moraen wrote: Rank - I did just as you say when I was there.  Talk about getting ostracized.  Yes, half of the region loved me, but they weren't the half that had the influence.  It got to the point where the wives gave my wife a hard time.  And my wife doesn't play.  Needless to say, it was easy to leave.

Your wife must have a thin skin and be a drama queen.
Your a broken record with your wife.
Heard it a dozen times.What's up mel?  Wife leave when she found out you were getting banged by your branch manager?

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AGEMAN wrote:RealWorld wrote:Hot Air?
I don't understand how it could be hard to realize how my situation would be frusterating. The most frusterating thing is really that one of the true benefits of Jones is to learn from the other people and get ideas. Why put people on a pedastool who have no ideas? That is called wasting my time and I can do that independently without paying 60% of my check. Right?
 
Lastly, don't tell me to produce. I do. Very well actually, it is funny how careers go at Jones and sometimes I think that I am talking to vets on here and most are newbies. I have been out a while and with Jones since 2003. I imagine I produce more than you, but then again this is the internet so no need getting into a pissing match. I am just a little taken back by your incredibly ignorant and defensive stance to my post.
Really frusterating.  I am frusterated with all of this.......LOL
 

 
Sad part is most missed it...

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B24 wrote: Mr.Blonde wrote: rankstocks wrote:---Dear Jones brokers that are upset about brokers inheriting assets and then giving speeches at regionals.....grow a set.  If it concerns you so much, why not call them out.  I do it in the occational regional I go to (maybe that's why half the region loves me and half hates me).  But what difference does it make.  I even had our Area leader giving a talk about how great the number one producer at Jones (based in North Dakota I think) got there in something like 5 years.  I actually interupted him and asked how many assets he had inherited (knowing the answer), took the wind out of the area leader's sail, but there's always a story behind a fast starter like that (Inherited 150 million or so). 
 

-There is a classification system that I use.  Its called the SPOON scale.  It comes from the common phrase, "born with a ______ spoon in his mouth."   Less than 5 million doesn't make a grade.  5-10 million is considered a SILVER SPOON. 10-30 million is considered a GOLD SPOON.  30+ is generally a PLATINUM SPOON.  If they ever get smart with you, ask them if the they would teach you to run a seminar titled, "How to inherit a large book" and that it would be very helpful for your business.
 
-Anything under 30 million really doesn't make a difference over the long run anyway.  Every broker that started in my region within 5 years that inherited reasonable assets I have more than doubled, and I wasn't handed a thing.  Doorknocked for 2 1/2 years, coldcalled, did seminars, and prospected the hell out of people.  So focus on what you can control, and that's hammering the doors or the phone.  Once you crack around 50 million the business takes on a life of its own.

Rank,
 
Is that North Dakota guy Troy Nelson? I was led to believe he started from scratch and just did a ton of insurance? From what I heard, it went something like this...Troy's father was a huge insurance producer in town. He was retiring or something and convinced all his clients to move their stuff to Troy. I am not a naysayer, but most of the people at Jones that are big producers in a short amount of time did it with a LOT of help. There are plenty of longer-term big producers that actually did it themselves, but you don't produce $3mm in one year through doorknocking.
 
I heard that and something about being connected to some law firm...
 
Still not even close to as cool as "No panty thursday"

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B24 wrote:That may be, but I guarantee he had a "hook". There's no way to capture $50mm in one year at Jones without a hook. You can do it at a firm that specializes in insitutional money or Ultra HNW folks, but you simply can't gather that many assets in one year slinging American Funds. Even if every account was $500K, that would be 100 households at 500K each. I have heard of guys buying other books and transferring them to Jones (under the radar). Not sure if this was the case with him.
 
Do they do 401k's in Canada?  If so, that would explain a huge jump in AUM in a year.  We had a guy in our area that landed a $40MM 401K.  Went from something like $80MM to $130MM in a year.  Then a short time later they brought him into the home office as a GP and put him in charge of Banking Services. 

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Spaceman Spiff wrote:B24 wrote:That may be, but I guarantee he had a "hook". There's no way to capture $50mm in one year at Jones without a hook. You can do it at a firm that specializes in insitutional money or Ultra HNW folks, but you simply can't gather that many assets in one year slinging American Funds. Even if every account was $500K, that would be 100 households at 500K each. I have heard of guys buying other books and transferring them to Jones (under the radar). Not sure if this was the case with him.
 
Do they do 401k's in Canada?  If so, that would explain a huge jump in AUM in a year.  We had a guy in our area that landed a $40MM 401K.  Went from something like $80MM to $130MM in a year.  Then a short time later they brought him into the home office as a GP and put him in charge of Banking Services. 
 
RRSP= IRA
Group RRSP= 401k
 
The guy I was talking about is in the home office but in Toronto. What happened to John Sauer?
 

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John is in Banking Services.  The guy I mentioned is Todd Osterhage.  He is in Banking Solutions.  My mistake.  I guess one is products one is solutions. 

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I am interested in EDJ, can you tell me if transactional business, along with fee based biz are considered the same from a production standpoint?What about insurance? Can an FA recommend a stock or muni bond?

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You get 40% payout on almost everything - stocks, bonds, MFDS (A shares), annuities, insurance, etc.  You get 35% payout on heavily discounted stock trades, C share mutual funds, and some UIT's (the shorter maturities).They take a haircut on annuity and insurance business before you get your 40%.  Yes, you can recommend stocks and bonds. 

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Thanks B24. If I were to bring over around 10 mm in assets from a former employer, and prospect through referrals and other contacts, will that approach be well recieved at EJ? Or will I still also be expected to prospect through their format (DK)? Do I have any say in the branch location of BOA hiring process?

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careerFA wrote:Thanks B24. If I were to bring over around 10 mm in assets from a former employer, and prospect through referrals and other contacts, will that approach be well recieved at EJ?  - Yes Or will I still also be expected to prospect through their format (DK)? - Yes.  But only during the initial training period if you go through the normal KYC/EvalGrad process.  After that, they really don't care how you prospect as long as you're putting up the numbers.   Do I have any say in the branch location of BOA hiring process? - Some.  As to the BOA, if you have someone in mind, you can give their info to the home office.  They'll interview them just to make sure they are a good person to hire.  After that you can hire anyone that makes it through their screenAs to the office location, you get to pick your area, then work with the leasing folks to find office space.  It's highly likely that you could end up taking over an existing office or doing a Goodknight plan or some derivation it, so finding an office immediately may not be in the cards for you.

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Can anyone tell me about EJ technology to support clients? Do you have access to financial planning software, a CRM tool to propsect, send emails? Does the company offer turn key seminar formats, other rmarketing support?Thanks

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careerFA wrote:Can anyone tell me about EJ technology to support clients? Do you have access to financial planning software, a CRM tool to propsect, send emails? Does the company offer turn key seminar formats, other rmarketing support?ThanksYes to all of that.  But let me elaborate:The technology used to be pretty piss-poor.  However, they have come a LONG way in improving it.  They have one of the best CRM tools of most captive firms (i.e. wirehouses), and the integration with their portfolio aggregation software, financial planning software, and order-entry system is virtually seamless.  You can now send e-mails from the CRM tool and they are logged in CRM.  You can create marketing lists, sort and filter by dozens of criteria, etc.They have tons of canned seminars.  Most of them are good.  I would not call many of them "great", but they get the job done for the most part.  They are pretty typical of what you would expect for canned seminars that have to go through compliance.  The marketing support is excellent.  Literally hundreds of customizable flyers, ads, internet banners, etc.  Lots of canned seminars, access to wholesaler seminars as well, seminars for CPA's and attorneys, several different newsletters (short form, long form, tax newsletters, and newsletters specifically for CPA's and attorneys), tons of brochures that can be ordered very inexpensively (some are free), canned postcards that can either be ordered blank, or you can download the PDF, customize them and have them printed at a printer, canned radio ads, canned newspaper reports/articles you can submit to local papers (weekly).  They also have an extensive direct-mail campaign that you can opt into for clients and prospects.  You have to pay for it (they do offer some free ones during the year), but the cost is far less than doing them yourself, and the postage is cheaper.They also reimburse you for seminars...usually a maximum of $150 per seminar, but more for certain seminars, and more for newbies.  There is no limit as to how many seminars they will remiburse you for.

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This forum has been extremely helpful.. Is EJ a place for someone who wants to build the practice, with the company support, and do this for the next 20 years? In other words, how many of the EJ FA's have 10+ years with the firm?

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B - It's actually $300 on the seminar reimbursement.  That's the highest they'll go.  FA - yes.  For all the complaints about EDJ on this site, Jones is a fine company to work for if you want your name associated with a firm.  Many of the things people like to complain about don't have much to do with you building your business and creating a life for yourself. 

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careerFA wrote:This forum has been extremely helpful.. Is EJ a place for someone who wants to build the practice, with the company support, and do this for the next 20 years? In other words, how many of the EJ FA's have 10+ years with the firm?I would guess about 1/2 the FA's have 10+ years.  Keep in mind, the firm didn't really start to grow exponentially until the 90's, so there are a lot of FA's in the 8-12 year mark.  In 1997 we had 4,000 FA's.  We now have around 12,000.  So you can see that it's a relatively young firm in terms of growth

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Spaceman Spiff wrote:careerFA wrote:Thanks B24. If I were to bring over around 10 mm in assets from a former employer, and prospect through referrals and other contacts, will that approach be well recieved at EJ?  - Yes Or will I still also be expected to prospect through their format (DK)? - Yes.  But only during the initial training period if you go through the normal KYC/EvalGrad process.  After that, they really don't care how you prospect as long as you're putting up the numbers.   Do I have any say in the branch location of BOA hiring process? - Some.  As to the BOA, if you have someone in mind, you can give their info to the home office.  They'll interview them just to make sure they are a good person to hire.  After that you can hire anyone that makes it through their screenAs to the office location, you get to pick your area, then work with the leasing folks to find office space.  It's highly likely that you could end up taking over an existing office or doing a Goodknight plan or some derivation it, so finding an office immediately may not be in the cards for you.  Care to elaborate on why that would be the case?

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Spiff made that comment, and that was news to me. Most EJ office in my area have been populated by new hires recently licensed I would assume the 6-9 month building contacts applies to everyone, then if producing, office comes next.

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This thread is like reading a script...  (good grief these econs suck)

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EDJ has been a great firm to work for in my opinion. I started approx 4 1/2 yrs ago. I did a 10mil Goodknight program, and have grown my business to slightly over 40 mil. We have great support, comraderie, and leadership in our region. My experience at Edward Jones has been a great one, and I would recommend the firm to anyone thinking about going into this business.

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careerFA wrote:Spiff made that comment, and that was news to me. Most EJ office in my area have been populated by new hires recently licensed I would assume the 6-9 month building contacts applies to everyone, then if producing, office comes next. It sort of depends on how quickly you do it.  If I were you, I would ask for a "Legacy" office at minimum - and office that you can work out of rather than your house.  That way you can take your time looking for office space.  If you really bring over $10mm, and it's a "productive" $10mm, you should be able to look for an office right away.  If it's $10mm in dead-end assets, it won't help you much.And you are better off with a bunch of newbies in the surrounding offices - those are the one's that fail out quickly and open up offices.  If you had a bunch of veteran offices, none of them would open up.  Very few veterans leave the firm (as in 10+ year vets).

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joelv72 wrote:Spaceman Spiff wrote:careerFA wrote:Thanks B24. If I were to bring over around 10 mm in assets from a former employer, and prospect through referrals and other contacts, will that approach be well recieved at EJ?  - Yes Or will I still also be expected to prospect through their format (DK)? - Yes.  But only during the initial training period if you go through the normal KYC/EvalGrad process.  After that, they really don't care how you prospect as long as you're putting up the numbers.   Do I have any say in the branch location of BOA hiring process? - Some.  As to the BOA, if you have someone in mind, you can give their info to the home office.  They'll interview them just to make sure they are a good person to hire.  After that you can hire anyone that makes it through their screenAs to the office location, you get to pick your area, then work with the leasing folks to find office space.  It's highly likely that you could end up taking over an existing office or doing a Goodknight plan or some derivation it, so finding an office immediately may not be in the cards for you.  Care to elaborate on why that would be the case?They would rather stick an experienced FA with assets into an office before an un-proven newbie.

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I've got experience, have 10mm that come into wrap or managed accounts, then another 25 million to reestablish the relationship then gain commitment, and over 50 mm in potential rollovers over the next 5 years. Can anyone shed light on the products for managed money, the bonds inventory for munis and corporates/agencies, and transactional commission structure?

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B24 wrote:joelv72 wrote:Spaceman Spiff wrote:careerFA wrote:Thanks B24. If I were to bring over around 10 mm in assets from a former employer, and prospect through referrals and other contacts, will that approach be well recieved at EJ?  - Yes Or will I still also be expected to prospect through their format (DK)? - Yes.  But only during the initial training period if you go through the normal KYC/EvalGrad process.  After that, they really don't care how you prospect as long as you're putting up the numbers.   Do I have any say in the branch location of BOA hiring process? - Some.  As to the BOA, if you have someone in mind, you can give their info to the home office.  They'll interview them just to make sure they are a good person to hire.  After that you can hire anyone that makes it through their screenAs to the office location, you get to pick your area, then work with the leasing folks to find office space.  It's highly likely that you could end up taking over an existing office or doing a Goodknight plan or some derivation it, so finding an office immediately may not be in the cards for you.  Care to elaborate on why that would be the case?They would rather stick an experienced FA with assets into an office before an un-proven newbie.The way I read it, you would more likely move into an existing office than have one built out for you as a new rep.  If that's the case, then why is that?  B24 and Spiff, how many div points do you get per post?

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joel - how many different people need to spell it out for you?  Let me see if I can simplify it for you.  You are the RL who is looking for a new FA to take over an office in Anywhere, CT.  The last FA couldn't cut it at Jones and now works for Thrivent.  You have a few choices.  One, you could hire the local dairy farmer who just submitted his resume to you to become the newest EDJ FA in Anywhere.   Two, you could hire a 22 year old kid you've never met who just got out of college, but who sounds really eager to work.  Or three, you could hire careerFA who is already licensed, has a decent sized book of business established.  With options like that, who do you think is going to get the nod from the RL?  careerFA can walk right in, set up shop, and be on the ground running in a matter of a few weeks.  And if he can instantly add $10MM in fee based biz to the branch, he's more than likely got an instantly profitable office in his region and he looks really good on his regional report card.  Or he can take a chance on the dairy farmer or the 22 year old kid.  If I were the RL I'd tell the 22 year old kid to go get some real work experience, come back in 3-5 years, and do a GKN with careerFA who evidently will have a $60MM book by that time.   I told him it was more likely that he'd get an open office or do a GKN or something like it because of the focus Jones has right now of starting everyone in an office with at least a few assets.  Unless he's going into an area where Jones doesn't have a ton of offices yet, if he does a plan that puts him in an office sharing environment for a while, chances are an office will open up.  And zero points for all the posts.  I'm the propoganda division for Jones and I work for free. 

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