Morgan
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Anyone know the pay grid on Morgan and transition package for 500k producer los 8
they wouldn’t take someone i know, t-12 750, clean U-4, LOS 11.
I am finding it hard to get looks @ 450k t-12 myself.I think because most firms are discounting t-12 production 30-50%. So they are assuming a 450K producer will actually do about 250-350K (due to the market).
Go to a SB branch manager instead… it’s the path of least resistance into Schmorgan Blarney.
And WH’s are using “t-3’s” and annualizing now.
Jones would love to have you. If you’re at $500K t-12 you’d be a rock star at Jones. AND you don’t have to worry about the corporate logo changing on your business card. That guy at $750K would probably make it to the Managing Partners conference every year. They might even make him RL right out of the gate.
All that's true, but you'd be at Jones.Jones would love to have you. If you’re at $500K t-12 you’d be a rock star at Jones. AND you don’t have to worry about the corporate logo changing on your business card. That guy at $750K would probably make it to the Managing Partners conference every year. They might even make him RL right out of the gate.
All that's true, but you'd be at Jones.[/quote][quote=Spaceman Spiff]Jones would love to have you. If you’re at $500K t-12 you’d be a rock star at Jones. AND you don’t have to worry about the corporate logo changing on your business card. That guy at $750K would probably make it to the Managing Partners conference every year. They might even make him RL right out of the gate.
But... but... everybody's doing it!
There is a reason for the opposite opinion. My good friend Spiff, doesn't have the benefit of ever being at another firm. He was brought in from the home office, (given a small office) and to his credit has sustained himself so far. Remember that is currently 7K net before expenses, taxes and deductions. I live on the West Coast and I constantly had to dip into savings to survive.
I chuckle at the thought that they would hand the transfer broker a GP! Unless something has drastically changed...that would cause an exodus of good ol boys who comply with the culture of giving back, done solely for the opportunity to BUY LP and with the faint hope someday of becoming a GP.
Maybe that has changed too...
Having been with Jones from 97-06, and now indy with LPL...I could NEVER consider going back to the BS at Jones. IMHO if you are the kind of broker who has an opinion and isn't afraid to speak your mind you will feel repressed at Jones. I know I did.I agree with the Smith Barney door vs. Morgan. The deals still vary somewhat from what I’ve heard. I’m hearing all sort of chatter about deals getting re-worked in the closing hours as well so know this… it ain’t done till you’re there! Big money is pulling back hard unless you’re $1M+
Foot, couple things:
1. Spiff was kidding about the GP thing. Lighten up. 2. There are a lot of transfer brokers (and not just small producers) that have found a great home at Jones. They are producing, are left alone, and don't have to worry too much about other things. The net payout after all things considered is not much different than at any wirehouse. A lot depends on your situation. If your book is established, and you're not spending lots of money on stupid stuff, your payout at 750K is going to be in the 45-50% range (includes bonuses and commissions, but not profit sharing, LP, etc.). We know the payout and structure can't really compare to being indy, but that was not really the question. 3. Things have changed dramatically at Jones in the past 3 years. Not only that, it depends greatly on where you work. My region is great. Lots of support. No "mandatory" meetings (OK other than regionals and the newbie things), no BS kool-aide crap. 4. Some people actually like it at Jones. A lot in fact. But obviously, there are lots of ex-Jones people that went indy on this site that didn't like it. It's a site that has a huge anti-Jones niche. Why WOULD people that like Jones come on here? Most don't. When I first came on here, it sounded like this big bitch site, adn I sort of wrote it off. Then I came back, and I learned a few things, so I stayed. But most people that like working at Jones have no need to come here and listen to the constant drivel, so they don't. Therefore, most of what you hear about Jones on this site is complaints. But that should not get in the way of the fact that most people at Jones like the firm.[quote=B24]
2. There are a lot of transfer brokers (and not just small producers) that have found a great home at Jones....We know the payout and structure can't really compare to being indy, but that was not really the question. [/quote] Yes, they are just small producers--or they were where they came from. And "the question" had absolutely nothing to do with Edweard Jones or anyone except Morgan Stanley (at least I assume that's which Morgan he refers to). But we digress---the path you guys are leading this thread can fold back into the Jones is the Best/Jones Sucks. To learn what Morgan Stanley is paying, best move is to talk to them.There's also a lot of very bitter former Jones folks too. The comparison is always made on this forum between EDJ and indy. It's not even a fair comparison. They are two separate business models. My point was that if you're looking to move your book somewhere and the place you want to move isn't letting you in, then maybe Jones is a good place to look. We're hiring. There's a major push here for transfer brokers. We pick up market share and don't hurt our new people in the process. We've got a good producing transfer package that comes with no strings attached. If you're looking at Morgan or one of the other recently merged/damaged firms, Jones needs to be on your list of people to at least check out. What's the benefit these days to the wirehouses? With all the hoopla that we've seen over the last 6 months, I would think that you wouldn't want to be associated with any of them. Morgan may be the only one that I would even remotely consider.Looking @ Jones as we speak…lotta bad press on these pages though.
There's also a lot of very bitter former Jones folks too. The comparison is always made on this forum between EDJ and indy. It's not even a fair comparison. They are two separate business models. My point was that if you're looking to move your book somewhere and the place you want to move isn't letting you in, then maybe Jones is a good place to look. We're hiring. There's a major push here for transfer brokers. We pick up market share and don't hurt our new people in the process. We've got a good producing transfer package that comes with no strings attached. If you're looking at Morgan or one of the other recently merged/damaged firms, Jones needs to be on your list of people to at least check out. What's the benefit these days to the wirehouses? With all the hoopla that we've seen over the last 6 months, I would think that you wouldn't want to be associated with any of them. Morgan may be the only one that I would even remotely consider. [/quote] That's a fair perspective from someone at Jones. Not to be mean, and I'm sorry you're going to take offense anyway, but for many of us outside Jones, and I don't mean bitter ex-Jones people, offering up Jones as an alternative to someone considering Morgan is like offering up a Kia to someone considering buying a Lambo.[quote=badmove?]Looking @ Jones as we speak…lotta bad press on these pages though.
[quote=badmove?] they wouldn’t take someone i know, t-12 750, clean U-4, LOS 11.
Have you considered the independent route? I’m at a privately held, self clearing BD. If you would like more information you can send me a PM.
Spiff-
Some would refer to Jones as damaged as you have. But then we would be labeled as negative, mal-content (spelling?), bad producers, you know all the BS that you retort with. We pick up market share and don't hurt our new people in the process. We've got a good producing transfer package that comes with no strings attached. Your comments above have stirred a question... Does Jones consider a transfer brokers clients his/hers or the firms? If the answer is the firms, which was the case when I was there , then I would have to say again that you don't understand the outside world because you haven't been anywhere but Jones. That's why most seasoned brokers don't come back to Jones. Silly them, they believe that the relationships are theirs not the firms. Look forward to your comments...I’m not going to take offense, but I am going to ask you why you believe that.
You don't say that you've ever been with Jones, so how can you make the Kia/Lambo comparison if you've never driven a Kia? I'm not saying that Jones is a better company than Morgan. It's certainly different. What I am saying is that if you are formulating your opinion of Jones based on what you read here, then you're missing the biggest part of the picture. Most of the people here who are former Jones people don't even know what they're talking about anymore.[quote=footsoldier]Spiff-
Some would refer to Jones as damaged as you have. But then we would be labeled as negative, mal-content (spelling?), bad producers, you know all the BS that you retort with. We pick up market share and don't hurt our new people in the process. We've got a good producing transfer package that comes with no strings attached. Your comments above have stirred a question... Does Jones consider a transfer brokers clients his/hers or the firms? If the answer is the firms, which was the case when I was there , then I would have to say again that you don't understand the outside world because you haven't been anywhere but Jones. That's why most seasoned brokers don't come back to Jones. Silly them, they believe that the relationships are theirs not the firms. Look forward to your comments...[/quote] I understand your point. But you're still making it from an indy vs. EDJ standpoint. I fully understand that with the indy model comes the ability to change your B/D at will. However, my understanding is that the major wirehouses have non-competes and therefore view the clients in the exact same way Jones does. It's only an issue when the FA decides to jump ship or retire. You can't tell me that if I were to go from Morgan to Merrill that Morgan wouldn't do everything they could to retain as many of those assets as possible. The only difference is that with the wires, they'll just reassign those clients to another advisor in the same office complex. Jones doesn't have that luxury, so we use TR's and wait for the next FA to show up. As far as selling your book goes, I'm suprised we don't have more of our retiring vets move somewhere where they have the ability to sell their book. I think that's one of the downsides to ending your career at Jones. Of course I don't personally know anyone who has retired from Jones with a big enough book to matter, so I'm not sure what Jones does for those folks. You folks don't give me near enough credit for understanding the world outside of Jones. Just because I like where I'm at and I choose to stay here doesn't mean that I'm oblivious to what happens outside of Jones or how things work at other firms.