Left EDJ..expect the 2 certified letters!

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Broker7's picture
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Joined: 2007-02-23

Good day!
If I leave Edward Jones prior to 3 years of my can sell date, and go to another securities company, it looks like I can expect 2 letters, a nonsoliciate and a bill for my training based on 8 (eight) 3 month segments from the end of the first year. $75000 for training in total, and $9375 per each 3 month segment.
Who has experienced this situation? I'm weighing the outcome if I leave before my 3 years is up.

doberman's picture
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Joined: 2005-02-22

Take a copy of your contract and go see an attorney before leaving.

Broker7's picture
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Joined: 2007-02-23

I have done that. If I get fired, then I owe nothing. But if I quit, then they will send me a bill, and if negotiations are not met, it can goto arbitration.  I would just like to have some input of those who went through the process.
 

gad12's picture
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Joined: 2006-12-06

Search some old threads and you'll find some good info. 
I'm in the same spot you are at the moment. 
Summary of what I've gathered.
They WILL come after the money. 
Can take over a year to finish negotiating back and forth. 
Typical settlement for the training fees seems to be between 20-50% of the face value.  Tell them you are broke from starting your business and start very low in what you say you'll pay.
Non solict seems to be similar to other places.  Just be careful how you approach your clients and you should be ok.  I haven't heard of many instances where they were very aggressive on this.
PM me if you have specific questions.  (Remember I'm still in your shoes and am just relaying what I've gathered from other brokers leaving.  Including many on this board.

newnew's picture
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Joined: 2007-02-23

so at jones are you free and clear after 3 yrs from CSD?

Ilovedogs's picture
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Joined: 2005-11-12

Broker7 wrote:
I have done that. If I get fired, then I owe nothing. But if I quit, then they will send me a bill, and if negotiations are not met, it can goto arbitration.  I would just like to have some input of those who went through the process.

Not necessarily, the primary give away is if you go after your old clients.  They will not send you an automatic bill.
 

vbrainy's picture
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Joined: 2006-07-26

It costs $75,000 to teach someone how to knock on a door?
Congrats on leaving and best of luck.

bspears's picture
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Joined: 2006-11-08

Vbrainy, No its about the hamburger close, the "We only have 150k left in inventory and its going quick, lets place the order now before you lose this 4.2% 38 year tax free".  50k or 75k to get you started?
 
The true cost of this valuable training..priceless!!!!  The more I detox from EDWARDO JONESY, the more I get flush with anger.  How stupid they made me look in my community!!  I will do everything in my power to educate clients on the workings of EDJ, and educate the few who are left at my old firm about the better side of the business.

Broker7's picture
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Joined: 2007-02-23

Ilovedogs said: "Not necessarily, the primary give away is if you go after your old clients.  They will not send you an automatic bill."
If you stay in the industry and hang your "7" at another firm, it is an automatic bill regardless of whether you go after your old clients or not.

bailingonjones's picture
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Joined: 2007-02-14

          "If you stay in the industry and hang your "7" at another firm, it is an automatic bill regardless of whether you go after your old clients or not."
 
This is true if you aren't through the third year.  If you're past your 36 month commitment, you should be okay 'hangin' your 7 elsewhere as long as you don't actively and openly solicit your old clients.

farotech's picture
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Joined: 2007-01-05

bspears wrote:
Vbrainy, No its about the hamburger close, the "We only have 150k left in inventory and its going quick, lets place the order now before you lose this 4.2% 38 year tax free".  50k or 75k to get you started?
hahha...how true...

Ilovedogs's picture
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bailingonjones wrote:          "If you stay in the industry and hang your "7" at another firm, it is an automatic bill regardless of whether you go after your old clients or not."
 
This is true if you aren't through the third year.  If you're past your 36 month commitment, you should be okay 'hangin' your 7 elsewhere as long as you don't actively and openly solicit your old clients.Sorry Broker7, but you are wrong.  I left Jones (was doing very well) at the 2 year point to go to another firm.  I never heard a word from them.  The letter is not automatic. 

Closer's picture
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Joined: 2007-02-26

bspears wrote:Vbrainy, No its about the hamburger close, the "We only have 150k left in inventory and its going quick, lets place the order now before you lose this 4.2% 38 year tax free".  50k or 75k to get you started?
 
The true cost of this valuable training..priceless!!!!  The more I detox from EDWARDO JONESY, the more I get flush with anger.  How stupid they made me look in my community!!  I will do everything in my power to educate clients on the workings of EDJ, and educate the few who are left at my old firm about the better side of the business.bspears, elaborate please.

Spaceman Spiff's picture
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bspears wrote:
Vbrainy, No its about the hamburger close, the "We only have 150k left in inventory and its going quick, lets place the order now before you lose this 4.2% 38 year tax free".  50k or 75k to get you started?
 
The true cost of this valuable training..priceless!!!!  The more I detox from EDWARDO JONESY, the more I get flush with anger.  How stupid they made me look in my community!!  I will do everything in my power to educate clients on the workings of EDJ, and educate the few who are left at my old firm about the better side of the business.

I'm curious too.  Did EDJ make you look so stupid that you couldn't build a good business?  Couldn't bring in new clients?  Or was that just your distorted perception after spending so much time listening to the yahoo's on this forum? You couldn't have looked too stupid, otherwise they wouldn't have gone with you.  Did you really have people giving you unsolicited advice about leaving Jones?  The most I've ever heard is why do we have an office every 100 yards in this city.    
If you've moved your clients to your new firm, why would you need to educate them on the "workings of Jones"?  They followed you didn't they.  Do you think they really care about what happens at Jones now that they're gone?  You probably told them all kinds of things to get them to move with you (most of it probably partially true), so why rehash the past?
OK, I get it.  Really I do.  Jones sucks, GPs are thieves, revenue sharing stinks, poor technology, offices next to Dollar Tree instead of Starbucks, payout is better indy...blah, blah, blah.  ANYWHERE else is better than being a Jones broker.  The question is do your clients really care all that much and if you're no longer there why do you.  If you looked stupid before, do you still look stupid, or have you just changed the sign on your door?     

bspears's picture
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Joined: 2006-11-08

Holy cow!!  Spiffy, did your profit sharing not meet your approval this year?  Where do I begin?  I guess your right in paragraph 3.  Can't add anymore to what you've wrote.  No I don't look stupid now, I look more professional.  I just feel as if I've been taken advantage of.  I loved the call sessions held monthly.." okay we've got a 4.35% tax free in inventory right now...matures in 2040 and pays Jan and July.  Figure out what it takes to get your clients a 500 check in those months and SELL IT!!!!  We'll call for 45 minutes and then come together and see whol SOLD the most!  I've got a gift certificate on the best SALES PERSON!   Jones is a great SALES company,,you know..AMWAY, KIRBY Vacs.  Sorry Spiffy, I just want more for my clients than being on a quarterly call list to buy something.  Everything in the Jones system is about SELLING something and a very limited SOMETHING.  Believe me I drunk my share of koolaid, made segment 3 in 11 months...and then one day I woke up!  Your absolutely right, JONES SUCKS!  And for the record, I have followed what LPL has advised me to...tombstone and wait for their calls or walk-ins.  And guess what, 76 transfers in the first 2 weeks.  If I don't get 80% of the assets by year end I'll be highly disappointed, Highly!   Of course this is free country and I can say JONES SUCKS as much as I want and to whomever will listen!

footsoldier's picture
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Joined: 2006-04-30

SS-
The tone dude. Way too amped. Relax, take a hit and enjoy the ride, remember its all about the journey.
We just CHOOSE to take a different path. And someday you too will follow. KUMBAHYAH my lord, kumbayah.
 

footsoldier's picture
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Joined: 2006-04-30

Oh yeah Ms. Spears.
I thought I would get 80%, now I think I am better off with 70% or less  and I just crossed 60% after 6 months.
Good luck and keep us informed.

bspears's picture
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JONES SUCKS!

Borker Boy's picture
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bspears wrote:
Jones is a great SALES company,,you know..AMWAY, KIRBY Vacs.  Sorry Spiffy, I just want more for my clients than being on a quarterly call list to buy something.  Everything in the Jones system is about SELLING something and a very limited SOMETHING.  

It's always been my understanding that this is a sales job--regardless of the firm you're with. Also, I definitely do more than put my clients on a "quarterly call list to buy something." 
What's the big difference between Jones and everyone else that's always being alluded to but never explained or expounded upon?
 

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

My perception over the years has been that Jones is different because their
mantra seems to be that they alone act in the customers' best interest, and
that all others are merely sharks trying to fleece the public. This 'holier than
thou' attitude seems to rub other professionals the wrong way.

Just my $.02.

Borker Boy's picture
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Joined: 2006-12-09

Philo Kvetch wrote:My perception over the years has been that Jones is different because their mantra seems to be that they alone act in the customers' best interest

There are several things about Jones that frustrate me on a daily basis; however, I remain extremely impressed with the firm's dedication to always doing what is right for the customer. It's not just a mantra, it's a philosophy.
Philo Kvetch wrote:and that all others are merely sharks trying to fleece the public. This 'holier than thou' attitude seems to rub other professionals the wrong way. Just my $.02.
I've been in this business for a little more than a year, and being a former police officer, I only thought I'd seen my share of criminals. I hadn't even scratched the surface until I changed careers. I am amazed at what people in this business will do for a buck and how loosely regulated the independent firms are. It makes sense that the regulators prefer to go after the "big boys" who can actually pay the multi-million dollar fines they like to assess, but in just a year I've seen numerous indies in my community doing whatever the hell they want with no regard for the client's best interest. It's very disheartening to see senior citizens being 1035'd from annuity to annuity to annuity without having a clue as to what's going on in their account.
I'm convinced that a large number of folks who invest would be better off putting their money into an indexed fund with Vanguard or Fidelity just to keep their nest egg out of the hands of the ubiquitous crooks in this business.   

skolbrother's picture
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Borker Boy wrote:
Philo Kvetch wrote:My perception over the years has been that Jones is different because their mantra seems to be that they alone act in the customers' best interest

There are several things about Jones that frustrate me on a daily basis; however, I remain extremely impressed with the firm's dedication to always doing what is right for the customer. It's not just a mantra, it's a philosophy.
Philo Kvetch wrote:and that all others are merely sharks trying to fleece the public. This 'holier than thou' attitude seems to rub other professionals the wrong way. Just my $.02.
I've been in this business for a little more than a year, and being a former police officer, I only thought I'd seen my share of criminals. I hadn't even scratched the surface until I changed careers. I am amazed at what people in this business will do for a buck and how loosely regulated the independent firms are. It makes sense that the regulators prefer to go after the "big boys" who can actually pay the multi-million dollar fines they like to assess, but in just a year I've seen numerous indies in my community doing whatever the hell they want with no regard for the client's best interest. It's very disheartening to see senior citizens being 1035'd from annuity to annuity to annuity without having a clue as to what's going on in their account.
I'm convinced that a large number of folks who invest would be better off putting their money into an indexed fund with Vanguard or Fidelity just to keep their nest egg out of the hands of the ubiquitous crooks in this business.   

borker, after 1 year you simply don't know enough to say the word always.additionally, when their field supervision realizes that style boxes are indeed a valid way to categorize investments they may get closer to ALWAYS doing what is right. 
there are other things but I will leave it at that for now.

FreeFromJones's picture
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Borker,
     It sounds like you jumped from the frying pan into the fire.  Have you heard the one about The full page article Bachman and Doug Hill took out in the Wall Street Journal chastising the industry for not being fully open and honest with clients all the while fighting the regulators about revenue sharing disclosures.  How about when Jones wouldn't pay an IR a commission on selling a CD unless it generated a $50.00 gross, all the while saying it's what's best for the client yet enticing IRs to sell something else that would actually pay them a commission.  After just one year with Jones you're still seeing through the kool-aid colored glasses.  I, too, was this way after one year, but then you start seeing some of the things the vets are doing, like mixing stocks, bonds, and mutual funds in a portfolio so that commission can be generated on the whole pot of money when the client would have been better off in just mutual funds.
   Stick with Jones, and if you don't see things that upset you in the next few years, then stay with them.  If you do see these things, JUST REMEMBER--you heard it here first.

now_indy's picture
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Borker, be careful about the using word always (especially careful underlining it).  While I would agree that Jones usually tries to do what is in the best interest of the client, it doesn't always happen. When I was with Jones, I had a son bring in his mom's Jones account. Her Jones broker has put about $180,000 into two B-share annuities at the same time (Hartford Director and Hartford Leader).  This was after the A-share was available. Why did he do that?  So he could put less than $100,000 into each annuity, and thus buy B-shares. Jones compliance somehow missed/allowed this to happen.
I asked a veteran in our region about it, and when I told him who the broker was, he said "oh that guy, yeah, I'm not surprised at all." So this wasn't the first thing like this he had done.  MOST B/Ds (wirehouse, regional, Indy) are setup to do what is right for the client. This sometimes falls apart at the broker level, REGARDLESS of the firm (yes, sometimes even Jones).

eddjones654's picture
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now_indy wrote:
I asked a veteran in our region about it, and when I told him who the broker was, he said "oh that guy, yeah, I'm not surprised at all." So this wasn't the first thing like this he had done.  MOST B/Ds (wirehouse, regional, Indy) are setup to do what is right for the client. This sometimes falls apart at the broker level, REGARDLESS of the firm (yes, sometimes even Jones).

Q - Why aren't RLs registered as Series9/10?
A - Then they'd be mandated to investigate or refer such actions to Compliance for additional investigation.     
Can you say ooopsie?    

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footsoldier wrote:
SS-
The tone dude. Way too amped. Relax, take a hit and enjoy the ride, remember its all about the journey.
We just CHOOSE to take a different path. And someday you too will follow. KUMBAHYAH my lord, kumbayah.
 

If you read my posts you'll realize that I'm not bashing the path that those of you who have left Jones have taken.  You found that you weren't happy, left, and are happy now.  Congrats. 
My statement to bspears came more from the fact that the people on this forum who have left Jones can't seem to really LEAVE Jones.  I've never seen a group of people more obsessed with something than these.  Daily, they get on this forum looking for an opportunity to bash Jones, a company they no longer work for, have no vested interest in any longer, and who they get no futher benefit from (other than the occasional ACAT).  It's like keeping a picture of your ex-wife in your wallet, just to remind  you how bad your marriage really was.  Get rid of the picture, move on.  I really don't get it.
Also, the things that you folks keep bringing up like revenue sharing and the WSJ article (that was incredibly stupid), are old news.  Three years ago.  If you haven't been around Jones since then, you have no real right to bash the company now.  It really has changed a lot as far as the long term focus of where we're trying to go.  I think you'll look up a few years from now and see that Jones can compete with any of the wirehouses and indy firms out there.  I think we're really close right now.  That's my opinion.  You have a right to yours. 

compliancejerk's picture
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[quote=Spaceman Spiff
My statement to bspears came more from the fact that the people on this forum who have left Jones can't seem to really LEAVE Jones.  I've never seen a group of people more obsessed with something than these.  Daily, they get on this forum looking for an opportunity to bash Jones, a company they no longer work for, have no vested interest in any longer, and who they get no futher benefit from (other than the occasional ACAT).  It's like keeping a picture of your ex-wife in your wallet, just to remind  you how bad your marriage really was.  Get rid of the picture, move on.  I really don't get it.
Also, the things that you folks keep bringing up like revenue sharing and the WSJ article (that was incredibly stupid), are old news.  Three years ago.  If you haven't been around Jones since then, you have no real right to bash the company now.  It really has changed a lot as far as the long term focus of where we're trying to go.  I think you'll look up a few years from now and see that Jones can compete with any of the wirehouses and indy firms out there.  I think we're really close right now.  That's my opinion.  You have a right to yours. 

Spiff,
I've said it before and I'll say it again, leaving your firm for some is like a nasty divorce. 
One side goes into the relationship naive, trusting and believing "everything" what the experienced one says.  Over time the naive person starts to grow up and for some reason the truth doesn't seem that believable anymore.
Once the "divorce" occurs, the originally naive ex-spouse feels like telling the entire word what a louse the other side was. Occassionally there is a repetition of the stories.  To add insult to injury the louse will state that the naive spouse left for apparent "wrong doing" when it never occured.

babbling looney's picture
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Borker Boy wrote:
bspears wrote:
Jones is a great SALES company,,you know..AMWAY, KIRBY Vacs.  Sorry Spiffy, I just want more for my clients than being on a quarterly call list to buy something.  Everything in the Jones system is about SELLING something and a very limited SOMETHING.  

It's always been my understanding that this is a sales job--regardless of the firm you're with. Also, I definitely do more than put my clients on a "quarterly call list to buy something." 
What's the big difference between Jones and everyone else that's always being alluded to but never explained or expounded upon?
 

Quite true. This is a sales job. You have to sell yourself, your skills, your knowledge and get the client to invest or at least follow the plan you have presented.
The big difference is that Jones starts with a product (a bond or a stock) and forces the clients to fit into the sale. Calling everyone to offer a 30 year bond or WCOM is not financial planning or financial advising.  It is product pushing. Speaking for myself, I start with the client and find the products to fit the individual situation. 
Possibly some individuals like yourself find the product to fit each client's needs, but by and large the mantra of the company is to pound the phones to sell the bond d'jour or other targeted product.
Because there is a quota system at Jones, unlike at an independent shop like mine, it lends itself to pushing product for a quick return to keep St Louis and your RL happy.  I'm not saying I don't have a need for income. Of course I do.  But I am free to decide how much I need for myself and if I have a down month, previous months that have been banked will suppliment my cash flow needs.  At Jones if you don't produce the quota....well you know.

Indyone's picture
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Borker Boy wrote:I am amazed at what people in this business will do for a buck and how loosely regulated the independent firms are.
Before you get too high on your EDJ horse, don't assume for a minute that independents, as a whole, are loosely regulated.  That sounds like something right out of the mouth of a GP.  Consider these...
I'm amazed at how a local EDJ rep flogged a penny stock to half the town...a stock EDJ wouldn't even allow him to sell...only to see numerous people who believed in this vet lose thousands as the stock went from 14 cents a share when I first heard on him flogging it in August of '05...to it's current level of one-tenth of one penny.
I'm amazed at another EDJ veteran who called us impersonating a client only to be confronted by my assistant who knew the client well.
I'm amazed at the EDJ vet who charged his (now former) client 5 3/4 points for a bond.  How on earth this industry ever justified margins like this on bonds in beyond me.
So you see, shysters are everywhere and the vets I referenced are all over ten years in the business, so they certainly know better.  Don't believe for a minute that your firm has any better handle on compliance than your indy, bank and wirehouse competiors.  From what I observe from some (and I stress some) Jones reps, if a shyster wants to skirt compliance, there are plenty of opportunities at just about any firm, including Jones.
Trust me, the longer you're in the business, the more of this crap you'll see, and yes, if you see much of your fellow Jones reps' work, you'll see some of the same stuff.  The wheels of justice may be slow, but if you keep your own nose clean and stay in this business long enough, eventually, you'll see justice prevail with at least most of these guys, even if it's only the investing public getting wise to their games and shunning them.

Borker Boy's picture
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babbling looney wrote:
The big difference is that Jones starts with a product (a bond or a stock) and forces the clients to fit into the sale. Calling everyone to offer a 30 year bond or WCOM is not financial planning or financial advising.  It is product pushing. Speaking for myself, I start with the client and find the products to fit the individual situation. 
Possibly some individuals like yourself find the product to fit each client's needs, but by and large the mantra of the company is to pound the phones to sell the bond d'jour or other targeted product.

 
Your name reveals a lot...and it's obvious you're speaking out of turn when it comes to your assessment of Jones.
Let me educate you. Phone sessions have very little to do with selling, and a whole lot to do with advertising and finding out what it is the client is interested in, i.e. "finding the products to fit the individual." (As you so eloquently put it.)
We just go about the process a different way than others, but we difinitely work diligently to make sure our clients are putting their money in investments that are suitable for them.

babbling looney's picture
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Let me educate you. Phone sessions have very little to do with selling, and a whole lot to do with advertising and finding out what it is the client is interested in, i.e. "finding the products to fit the individual." (As you so eloquently put it.)
Um.  Yeah.  You just keep telling yourself that Borker.  I've been in this business probably three times as long as you have been out of high school and spent 5 years at Jones.  I think my assessment of the Jones philosophy is spot on.  Sell a product and THEN think about the client. 
I know that what you just parroted is what they have drilled into your head but it is pure BS to think that by cold calling someone and offering them an investment that you have no idea if it is appropriate or not, you are somehow building a deep relationship. You might, mabye, possibly be putting your name and the Jones name in their minds so I suppose you can stretch and call it advertising.
We just go about the process a different way than others, but we difinitely work diligently to make sure our clients are putting their money in investments that are suitable for them
So when you call someone you met once on their doorstep and pressure them on the phone to buy Home Depot stock or that 30 year 5.5% bond you are diligently putting them in the right investment.  How the hell do you know it is right? Do you have any real information about them? What are their other holding, their goals, their net worth, their debt service and liquidity needs, estate planning issues and so on?  
You know know that you are going to make that sale during the calling session so you can get a cookie from the RL or the team leader, aren't you?  Whether you are sure it is exactly what the client needs or not, you are going to sell them the product.
As I said, some of the established vet Jones brokers think of the customer first product second, but believe me that isn't the new guys.  You are too busy trying to make your nut every month.

skolbrother's picture
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Joined: 2005-07-12

babs- i also loved the "if the worst thing i sell you is a 5% bond, we're probably doing alright."

Broker7's picture
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Borker,
If you want to remain loyal to EDJ, you should refrain from reading and participating in this forum. If the koolaid is good, none of us would like for you to be blinded by the reality of what Jones is.
The jones system does work, and for the one year you've been in the business, you have been meeting expectations.  It is easy for a person to make a reasonable living with Edj, but if you think outside the box and would like to be more than an employed salesman, this is a good forum to educate you on looking elsewhere. Good Luck

FreeFromJones's picture
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Joined: 2006-11-29

Babs,
    I couldn't agree with you more.  For the new guys it is all about the product and all about the sale.  When I was at Eval Grad, hoping for that all important first sale so I could be the hero for having the first sale of the week, I sold an out of state tax-free bond to someone I'd never met before, because that was the flavor of the day.  I spent two years getting to know this person and trying to get him out of the bond without losing money.  Thankfully interest rates cooperated and we were able to get all of his money back and into an appropriate investment.
   The trainers in St Louis could have cared less that I sold without "Knowing my Customer".   Sell, Sell, Sell and if you have time figure out what the customer needs.

troll's picture
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Borker Boy wrote:Let me educate you.That's a good one!  You must  be special.  "Just over one year" in the business and you can come on here and educate an independent business owner with a 10 year resume and most likely a series 24,66, 63 and life and health license.Thanks for the "education".  I feel so much smarter now.

bspears's picture
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Joined: 2006-11-08

Borker boy, Are you serious on the phone session comments you made?  The phones session are meant to get on the damn phone and sell something!!!  Here, lets listen to this vet and see how he sells the wcom stock to a client.   Okay, Sam give me your best bond presentation to the newbies here today.  Right the script and follow it!  Your nuts!!  JONES SUCKS!!!!

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

You guys (and ladies) have been beating up on Borker Boy for a little while now.  I understand why because I've read the post.  I think he gets it.
So, he's new in the biz, no prospects, no advertising budget, no referral base, no client base to build off of.  Instead of bashing the Jones call sessions (which I hate) why don't you give him some ideas about how to build the biz without the call session mentality in his office everyday.  Explain to him how he should go from Knock, Knock Edward Jones to let me review your financial and estate plan.  That's a big jump.  Do you think it's possible that if he has a good blue chip stock or muni to talk about that he can get some conversations started that he otherwise wouldn't have been able to?  Yeah, he's going to sell one once in a while that might not be the best fit, but probably not that often. 

troll's picture
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Joined: 2004-11-29

Spaceman Spiff wrote:You guys (and ladies) have been beating up on Borker Boy for a little while now.  I understand why because I've read the post.  I think he gets it.
So, he's new in the biz, no prospects, no advertising budget, no referral base, no client base to build off of.  Instead of bashing the Jones call sessions (which I hate) why don't you give him some ideas about how to build the biz without the call session mentality in his office everyday.  Explain to him how he should go from Knock, Knock Edward Jones to let me review your financial and estate plan.  That's a big jump.  Do you think it's possible that if he has a good blue chip stock or muni to talk about that he can get some conversations started that he otherwise wouldn't have been able to?  Yeah, he's going to sell one once in a while that might not be the best fit, but probably not that often. Good point.And the reality is that unless and until your business gets to a point that you are living on referrals, you will need to take time out to make the calls and usually it's best to lead with a product that is readily understood, reasonably safe, and has a high likelihood of beating the bank.I think the reason some folks are objecting so strongly is that it sounds like *some* of these call sessions might focus on products that have hidden risk to new investors, such as the price risk built into a 30 year bond.

jones&out's picture
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Joined: 2006-04-22

Every call session I went through had contests on how many times did you 1. ask for the order 2. ask for referrals 3. ask for money dues and MOST IMPORTANTLY 4. how many orders did you place on the focus investment sent down from the seg 1&2 training corp.  The gifts were usually dinner for two (great for seg 1 & 2 as there is no way they can afford to take their spouse out for a night on the town) and it prompted people to make sure they one at least one of the 4 categories.  This might not have been every region but I know the neighboring regions did the same type of contest.  It was also the focus of the Tues and Thurs call sessions and Shamrock Sat and Barbeque your prospect Sat.
I would bet that I sold something to someone that they should not have owned IE the 5 1/8 GE bond due in 2029 that I sold in 2003 - now priced at 88.725 - I guess my Seg 1 Trainer was right my 80 year old clients can still benefit from a 25 year bond when rates are at their low

uwec86's picture
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Joined: 2004-11-30

Borker Boy,
As Broker7 suggested...do yourself a favor and GET OFF THIS FORUM!  You are not ready for this.  You need to spend the next 2 years drinking the kool-aid and doing what ever EJ tells you.  The only thing I suggest is that you focus on selling yourself and your values rather than JONES.  Your clients need to know from the beginning that YOU are the guy with the recommendations and not JONES.  This approach will make it easier for you to move your clients later...and you will move your clients if you remain in the biz.
Jones is a good place to start but once your contract is up...come back here for the real story.  All this forum will do for you now is create doubt...and you don't need that at this stage of your career.
You're a rookie...don't lecture the rest of us...YET!  I was with Jones from 1998 to 2003...RJ since then...just so you know...Now delete this site from your favorites until 2009.

now_indy's picture
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Joined: 2006-07-28

I forgot about Shamrock and BBQ Saturdays
My BOA always rolled her eyes at those flyers, I just threw them in the trash.

bspears's picture
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Joined: 2006-11-08

I loved those boiler room type contests!!!  I loved the fireside chats from Doug Hill!!  As a matter of fact, if the weather clears I'm going door to door today with the income foundation from American and see if I can't sniff out some cd's coming due. Borker boy, you should be doing the same or your arse will be in hot water!!!!  You never know, I could be the person on the other side of the street hitting those houses too  Wouldn't it suck if we had a national lets go doorknocking day..and every investment/insurance related person hit the payment.  Wouldn't that just be freakin hilarious...sprinting to the doors to see who could be first, beating the crap out of each other in the driveways...pandomonium (sp?)  All in respect for EDJ's and the GP's...NATIONAL DOORKNOCKING DAY...APRIL 1st...lets do it!!!

bspears's picture
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Joined: 2006-11-08

I forgot...JONES SUCKS

CIBforeveryone's picture
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Joined: 2005-07-12

now_indy wrote:
I forgot about Shamrock and BBQ Saturdays
My BOA always rolled her eyes at those flyers, I just threw them in the trash.

Not to mention the RL calling you on Monday or Tuesday to ask if you are going to work (hint hint). Then telling you to sand bag a few mutual fund orders so you can put in a trade that day and win the American Express gift card or crystal ball the Government Bond dept. was giving out that day. Market timing???
 
 

Gone Indy's picture
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Joined: 2005-12-02

Sand Bag a few mutual fund orders for a few days to win some silly prize on Saturday morning.  Now that is definitely in the best interest of the client!  Hopefully the client doesn't question why the trade was not placed in a timely manner.

Broker24's picture
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Joined: 2006-10-12

babbling looney wrote:
As I said, some of the established vet Jones brokers think of the
customer first product second, but believe me that isn't the new guys. 
You are too busy trying to make your nut every month.

Babs, I think everyone would agree that doing the lame product call thing
is well...lame. BUT, you have to start somewhere. It's like the old saying,
"one cannot walk into walking, one must learn to crawl before"...or
something silly like that. As most have acknowledged, Jones is a place
that many START. If you start from scratch, and have no idea what you
are doing, you need a way to accumulate clients and assets. Most can't
do that through a "wholistic" planning approach - yet. Most don't have
the knowledge or confidence yet. You need product to talk about. And I
don't see how this would be different anywhere. I don't think these 20-
somethings coming out of college joing a wirehouse are tapping their
vast networks of wealthy business owners. They are calling on product.
It's how most have to start. If you are lucky enough to join a team, or be
given a book to start with, or have a good background in finance or
business (as I believe you did) you may get off the product bandwagon
quicker (or never need to go there). But honestly, how would you get
started otherwise?

It's easy for people years into the business to talk about how they do
things, but it's less of a reality for newbies.

One last thing; most of the vets I know with Jones haven't done "product
calls" in years. Jones actually teaches them to get off that bandwagon
once they have a solid book of business with referrals, etc. I get the
impression that much of the "call session" push is focused on newbies
that need some structure to their prospecting. I am good friends with
one of the trainers in STL, and she told me that Jones knows that produc t
pushing doesn't really generate business - it is a means to create activity
and open dialogue for new producers.

EdJehovah's picture
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Joined: 2007-02-01

  I always do what is in my clients best interests.  I'm starving too death as a result.  But I do it anyway.  I don't sell annuities, life insurance, or disability insurance.  I've 1035 a few, but they were already burned.  I sell stocks, bonds, and mutual funds.  However, there is one truth in my region: the big producers are insurance sellers.  Whenever you get close to one, they are expounding about the high-commission insurance deal they just screwed someone with, how easy it was, and asking me why I haven't come to the dark side of boogey man sales tactics.  Well, I just don't want to be that guy in my community.  If they truly did have a need for an annuity, I would sell one, or life insurance, ok i'd screw them w/ their permission on that too, but I don't solicit that crap.  I don't want to own it, and I don't think my clients should either. 

gad12's picture
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Joined: 2006-12-06

EdJehovah wrote:  I always do what is in my clients best interests.  I'm starving too death as a result.  But I do it anyway.  I don't sell annuities, life insurance, or disability insurance.  I've 1035 a few, but they were already burned.  I sell stocks, bonds, and mutual funds.  However, there is one truth in my region: the big producers are insurance sellers.  Whenever you get close to one, they are expounding about the high-commission insurance deal they just screwed someone with, how easy it was, and asking me why I haven't come to the dark side of boogey man sales tactics.  Well, I just don't want to be that guy in my community.  If they truly did have a need for an annuity, I would sell one, or life insurance, ok i'd screw them w/ their permission on that too, but I don't solicit that crap.  I don't want to own it, and I don't think my clients should either. 
 
Best interests?  My eye!
If you don't consider life insurance for certain clients, particulary young couples with income protection needs and elderly clients with estate planning needs you have a major problem in your practice.  More importantly your clients have a major problem in the advice they are getting.

AllREIT's picture
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Joined: 2006-12-16

EdJehovah wrote:  I always do what is in my clients best
interests.  I'm starving too death as a result.  But I do it
anyway.  I don't sell annuities, life insurance, or disability
insurance.  I've 1035 a few, but they were already burned.  I
sell stocks, bonds, and mutual funds.  However, there is one truth
in my region: the big producers are insurance sellers.  

Listen, here's the deal.

While it is harder to sell life insurance, people need it, and you of
all people should sell it. By what reason should the Metlife agent get
business you could be having?

Here's what I would do. Call up mainstay funds (NYLIM's outfit) and get
their lifefolio system. Start working over your existing book with a
plan. Help them collect all their financial documents and sort them out
into the folders.

If you see people who are underinsured, make a note of it. Do a
beneficiary review. Educate yourself on SPIA's, which are a good thing
for people in the retirement red zone.

If you play it right, you can sell alot of SPIA's to people who are +/-
5years of retirement, and position them as a way to lock in gains on
long term investments for life.

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

EdJehovah wrote:  I always do what is in my clients best interests.  I'm starving too death as a result.  But I do it anyway.  I don't sell annuities, life insurance, or disability insurance.  I've 1035 a few, but they were already burned.  I sell stocks, bonds, and mutual funds.  However, there is one truth in my region: the big producers are insurance sellers.  Whenever you get close to one, they are expounding about the high-commission insurance deal they just screwed someone with, how easy it was, and asking me why I haven't come to the dark side of boogey man sales tactics.  Well, I just don't want to be that guy in my community.  If they truly did have a need for an annuity, I would sell one, or life insurance, ok i'd screw them w/ their permission on that too, but I don't solicit that crap.  I don't want to own it, and I don't think my clients should either. 
You don't get it do you?  If you only sell stocks, bonds, and mutual funds, you will never be anything more than a salesman/product pusher to your customers.  Notice I said customers, not clients.  While not everyone needs any annuity, there are more good reasons to own annuities today than there was 10 years ago.  Did you know you can stretch a non qualified annuity like you can an IRA?  Got anyone in your book with money in a NQ account that wants to pass that money on to kids but the kids don't really want to pay the tax man right now.  Fine, stretch it. 
Life Insurance is incredibly important.  Whether it's a term policy, VUL, or UL/Whole Life you NEED to ask about it.  You start asking your clients about life insurance and you won't have to worry about where your month is going to come from.  I promise if you'll start asking all of them today, by mid summer you'll have closed 2-3 cases and put some nice $$ in your pocket.  And you'll be helping them in the process.  Life insurance is about planning, not product.
Can I call your wife and ask her if she thinks you need life insurance?  Run that life needs analysis on yourself, then get back to us.  If you don't want to buy it yourself, I'll get licensed in your state and buy it for you.  Really, I don't mind.

Broker7's picture
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Joined: 2007-02-23

uwec86,
It looks like Borker took our advice.  Stay focused and stay away from this forum until you are near or have reached the point of no return. If and when you ever come back, don't forget to say hello!

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