Jones #14
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Latest issue of On Wall Street, a recruiters roundtable was asked to rate the firms they know as a buy, sell or hold. jones was ranked dead last (#14). All 12 panelists ranked jones as a “sell” with the comment, “Business model doesn’t make sense.” What say supporters/haters?
It makes a whole hell of a lot of sense if you happen to be a General Partner of Jones.
this just in>>>>>
jones rated #1 firm to work for....um... I mean #1 by it's advisors....wait....#1 in Canada ......no #1 in UK or .....ah!!!!!!!
Oh here's an objective survey on people actually in the industry that are outside looking in....buy and hold = dead last. Beautiful...I can't wait to hear the spin.
I think that Ed Jones provides a great entre into the industry. Many IRs decide to stay because it's the right model for them. However, if you look at the rest of the industry, you'll find that most have a much broader platform that will encompass training into other avenues as opposed to a 99% MF business. This is why you don't see many reps moving from Merrill to EDJ and why they were number 14 from a recruiter's standpoint. Simply put - we look at it from the views that there are groups of companies to recruit for and companies to recruit from (Jones being the latter).
glug glug glug glug glug glug
Please may I have some more of that great kool-aid?
It is fairly amusing that there has been little response from active EJ… They must be at some conference getting brainwashed, or at Pay Less getting new walking shoes…
[quote=Revealer]Latest issue of On Wall Street, a recruiters roundtable was asked to rate the firms they know as a buy, sell or hold. jones was ranked dead last (#14). All 12 panelists ranked jones as a "sell" with the comment, "Business model doesn't make sense." What say supporters/haters? [/quote]
I think it’s interesting to hear what recruiters have to say about the deals available, but beyond that, they have an agenda that makes their comments on what’s happening in the firms themselves and what’s their future just too compromised to take seriously. You’ll never, ever, hear a recruiter say “life’s good at most firms” because their livelihood is based on convincing people that the next firm’s better on that they’re (the broker) trapped on a sinking ship and they need to bail now while they still can. Whatever the current trend has been, expect them to keep hammering on the firms involved to squeeze out every broker they can get out and when the tide turns, (so long as they’re hired to recruit for said firm) they’ll be talking up the “amazing changes in the culture” like there’s no tomorrow.
It will depend, though, mikey. There are good and bad recruiters. I'm sure I could make a hell of a lot more by disrupting more broker's careers, but that's not how I personally want to do business. There's too much at stake and I'd like to continue on with my good reputation. If someone says they're happy, I don't push it. With 800,000+ brokers out there, I'm bound to run across someone that would benefit from a new opportunity.
I also like to shy away from those that only move for the check. What does it say about me if everyone I recruit stays for the 3-5-7 years (or however long that contract is) and then moves again for a check.
I would agree, though - there are some that are relentless in this. They'll work for Merrill today, then all of a sudden, something great happens at Wachovia and they're on to the next BD.
[quote=BrokerRecruit]
It will depend, though, mikey. There are good and bad recruiters. I'm sure I could make a hell of a lot more by disrupting more broker's careers, but that's not how I personally want to do business. There's too much at stake and I'd like to continue on with my good reputation. If someone says they're happy, I don't push it. With 800,000+ brokers out there, I'm bound to run across someone that would benefit from a new opportunity.[/quote]
I'm not trying to damn your career field, simply pointing the underlying agenda. The day a roundtable of headhunters can tell On Wall Street that SB/ML/MS/WA/UBS are all pretty much the same packages with only short-term disruptions and/or pluses to differenciate them, is the day they're all largely out of work.
Add to that the fact that few of them have ever been brokers and fewer of them still have been in management in brokerage firms, and you end up with a group of people whose knowledge of the deals available is interesting, but their views on how firms will work, do work and should work is pretty meaningless.
I think that those who try to make it working as an external recruiter for a wire will not make it. How many wire brokers have relationships with other branch managers and know what's going on at other firms. While I do represent a wire, most of my business is generated on the independent and start-up side for both retail and institutional producers. There isn't a wire rep that is going to be inclined, simply because of my call, to take a meeting with another wire. I can't convince anyone to do that. They must have already had a thought in their mind and I catch them at the right time. It's as plain as that.
The smaller firms, indy BDs, etc. that have a strong story to tell is where recruiters will make their living in the future. Anyone who says "I think I'm going to make $100k this year recruiting solely for Merrill" is buying the good drugs.
I'm shocked that we were picked dead last. I went home and told my wife and kids the sad news. Everyone was crying. Even little tiny Tim was sobbing until the dog knocked his crutches out from under him and everyone had a good laugh. I really don't know where to turn. Our business model doesn't make sense. I guess it would be better if we at Jones left our senseless branches next to the Dental clinic, boarded a bus for New Jersey and jammed ourselves into a room full of really nice greyish cubicles. THAT would be fun. Then I could hear Ricky Roma next door selling the next great investment banking product to Mrs Delores Kawicki of Great Neck, New York. I now realize that making 3-4 hundred grand a year, driving to my own office where no one bothers me but my hyperactive BOA's, leaving at 4 pm. every day to watch my kids play sports or coach baseball is really a pathetic, horrible way to live.
Once again, when the truth is evident moron’s like Bill play the nonsubstance response card but they can’t wait to show the Reg. Rep report from their own people. Again proving why some many hate the cult.
I don’t play either card, dickwad. I speak only for myself and what I know. Reports mislead in many directions. I will admit, however, to being a moron. But, as my Father always said, it’s better to be a moron than a dickwad. Or was it the other way around.
[quote=Bill Fakkland]I don't play either card, dickwad. I speak only for myself and what I know. Reports mislead in many directions. I will admit, however, to being a moron. But, as my Father always said, it's better to be a moron than a dickwad. Or was it the other way around. [/quote]
I've said it before and I'll say it again, Bill you are one funny guy!
I see the GP'anese classes are finally paying off. Your use and grasp of the language would make any gp proud. Have you seen your email, I mean wire to Mr. Hill congratulating him on his "early" retirement from his managing partner position?
That was good Bill. We have beat this subject to death. If you like where you work great. Who cares. Wire house, EDJ, indy. As long as we each are happy with where we are are then why do any of really care where the other works.
Some of us like me have a bone to pick with EDJ because in my case at least I don't like how they handled things at all when I left but heck, it isn't a bad company to work for if you want to run your business their way. I'm still am angry over things but I don't fault you just because you like working there.
Lets just all have a good year and make a lot of money while we also go out of our way to do what we each think is best for our clients.
We need something to spark this site and make it half way interesting again. Maybe Put or Greenhills will make some more appearances.
Professor Bill,
Dickwad - grow some hair on the bald head of yours bozo, I read your kool aid preaching posts and see the bulls#*t you foam from the mouth with. Just like you and BPD, spin machines who try and make jones pretty in every light with reality details the obvious. You are just as arogant as the cookie cutter slam you client in this mutual fund GP douches in St. Louis are - it's not gonna get you there by the way! It's IRs like you as demonstrated by your past posts that "we are the only ones doing what's right for the client" mentality that cause the slinging that goes on here. Get it through you brainwashed bald head - you work for a cookie cutter firm that keeps you inside the box, step or look outside of it, bye bye! You don't play either card....and Jones doesn't sell american funds.
met a guy today who is moving 380k from edward jones… Its probably the largest account firmwide… He may even get a call from the top to persuade him to stay