My Jones rant

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RealWorld's picture
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http://registeredrep.com/advisorland/career/finance_rookie_survivors/

On this article they have a "Rookie" from Edward Jones who is a "survivor".  It says he started in July of 2007  "But today, after only 2 years in the business, he manages $40 million in assets for 375 families in and around Sparta, Illinois"
 
You tell me, anyone think that this guy built that business from the ground up? Anyone believe that he took over more than $40 million dollars?
 
The problem is not that this gentleman recieved the large excisting office. The problem is that they parade him around like he had the same opportunity as a new/new anyone who started at the same time. In fact he had a much easier road and without any assets starting in july of 2007 you would not have a chance to accumulate 40 million by now.
 
 

Moraen's picture
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Have you not met Windy?

B24's picture
B24
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It's for recruiting purposes.  Who cares?

SometimesNowhere's picture
Joined: 2008-12-22

B24 wrote:
It's for recruiting purposes.  Who cares?

RealWorld does. He is a piker that has a preoccupation with people that take over assets. He would rather whine and cry about what other people have been given than build his own.
 
Keep sulking RW, that definitely adds to your AUM.

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Seriously, I don't understand everyone's preoccupation with Jones and who takes over assets and how.  I know, I know, "they parade them around like mesiah's".  Whatever.  Just get the job done and it won't matter.  If you need a pat on the back, buy a cat.

Ron 14's picture
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B24 wrote:Seriously, I don't understand everyone's preoccupation with Jones and who takes over assets and how.  I know, I know, "they parade them around like mesiah's".  Whatever.  Just get the job done and it won't matter.  If you need a pat on the back, buy a cat.
 
Most guys who own cats take it from the back, but that is probably another thread.
Volt - that one is for you!

RealWorld's picture
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Joined: 2009-07-13

Whatever - if you don't see a problem with this than you never built your business.
It is the same reason that people are mad Bonds juiced. If he would have hit 700 HRs clean no one would be mad. If he would just fess up and say that he juiced and that is the reason he hit so many HRs some people would be OK with it. But what really pisses people off is that he did juice and he acts like he hit all his HRs clean.
 
Kinda like patting some dude on the bat for starting in a horrible market. Acting like he built up his book and patting him on the back. In reality this guy's situation is like 5% of all the advisors out there. In no way does it remotely resemble 70% of new edward jones advisors.
 
No problem that he got the assets. PROBLEM is that the parade him around like he started fresh.
 
B24 - The reason that it is a problem is that it is not just for PR or recruiting. This is the same thing that happens at each regional meeting and in our compensation as well.

Moraen's picture
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Joined: 2009-01-22

If it bother's you that much, please quit.  I did.  I feel a lot better now.

RealWorld's picture
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Joined: 2009-07-13

Morean- I know some guys who have because of it. I think I can deal with it but I will deal with it vocally.

Hey Kool-Aid's picture
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Joined: 2008-03-30

RealWorld wrote:
Whatever - if you don't see a problem with this than you never built your business.
It is the same reason that people are mad Bonds juiced. If he would have hit 700 HRs clean no one would be mad. If he would just fess up and say that he juiced and that is the reason he hit so many HRs some people would be OK with it. But what really pisses people off is that he did juice and he acts like he hit all his HRs clean.
 
Kinda like patting some dude on the bat for starting in a horrible market. Acting like he built up his book and patting him on the back. In reality this guy's situation is like 5% of all the advisors out there. In no way does it remotely resemble 70% of new edward jones advisors.
 
No problem that he got the assets. PROBLEM is that the parade him around like he started fresh.
 
B24 - The reason that it is a problem is that it is not just for PR or recruiting. This is the same thing that happens at each regional meeting and in our compensation as well.
 
First before I start, I did a small GK that ended up to be half of what I was given by the time the market got done with it...so there are many people that started way ahead of me as far as being given assets etc...I don't begrudge anyone for getting lucky, or being handed books of business...because it doesn't effect me in the least.  NO PLACE in that article did it say he started from scratch...your Bonds analogy is horrible, because Barry did something illegal, while the gentleman in the article did absolutely nothing wrong.
 
However, I do see situations, in my region and others, where they taut some new advisor that is killing it because they inherited a non-competative office...that bugs me a little, but at the end of the day it truly doesn't keep me from succeeding!
 
 
 

voltmoie's picture
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Four Points:
 
1 - Your "jones rant" has already occurred on another thread
2 - Does it effect your business? If not, who cares.
3 - I'd be willing to take an office in a heart beat, so would you.  Stop whining hypocrite.
4 - Ron = Gay in kurdish
 
 

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RealWorld wrote:
 In reality this guy's situation is like 5% of all the advisors out there. In no way does it remotely resemble 70% of new edward jones advisors.

 
Thats only 75%.
 
Not to worry though RW. You may be at a disadvantage but all you have to do is call Ron and he will show you how he prospects. He ropes in TONS!!!! If he can get just 1 prospect a day to step into his "office" his day is complete and the reward to him is phenomenal! It's almost religious! A happiness only a preist could understand. Now keep in mind, he may not make much money but he'll teach you all you need to know about handing candy out to strange little children.

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RealWorld wrote:
Whatever - if you don't see a problem with this than you never built your business.
It is the same reason that people are mad Bonds juiced. If he would have hit 700 HRs clean no one would be mad. If he would just fess up and say that he juiced and that is the reason he hit so many HRs some people would be OK with it. But what really pisses people off is that he did juice and he acts like he hit all his HRs clean.
 
Kinda like patting some dude on the bat for starting in a horrible market. Acting like he built up his book and patting him on the back. In reality this guy's situation is like 5% of all the advisors out there. In no way does it remotely resemble 70% of new edward jones advisors.
 
No problem that he got the assets. PROBLEM is that the parade him around like he started fresh.
 
B24 - The reason that it is a problem is that it is not just for PR or recruiting. This is the same thing that happens at each regional meeting and in our compensation as well.
 
OK.
 
Sooooo, you're just gonna keep whining like a b!tch?
 
"Whatever - if you don't see a problem with this than you never built your business."
How's that?  So because I HAVE built my business, then I SHOULD have a problem with it?  I don't follow your sorry-a$$ thinking.

SometimesNowhere's picture
Joined: 2008-12-22

B24 wrote:RealWorld wrote:
Whatever - if you don't see a problem with this than you never built your business.
It is the same reason that people are mad Bonds juiced. If he would have hit 700 HRs clean no one would be mad. If he would just fess up and say that he juiced and that is the reason he hit so many HRs some people would be OK with it. But what really pisses people off is that he did juice and he acts like he hit all his HRs clean.
 
Kinda like patting some dude on the bat for starting in a horrible market. Acting like he built up his book and patting him on the back. In reality this guy's situation is like 5% of all the advisors out there. In no way does it remotely resemble 70% of new edward jones advisors.
 
No problem that he got the assets. PROBLEM is that the parade him around like he started fresh.
 
B24 - The reason that it is a problem is that it is not just for PR or recruiting. This is the same thing that happens at each regional meeting and in our compensation as well.
 
OK.
 
Sooooo, you're just gonna keep whining like a b!tch?
 
"Whatever - if you don't see a problem with this than you never built your business."
How's that?  So because I HAVE built my business, then I SHOULD have a problem with it?  I don't follow your sorry-a$$ thinking.
 
Right, because your not a whiny piker. He is.

RealWorld's picture
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My God - You guys get more guts on forums than a drunk at a bar. Simply discussing a relevant issue at the firm.

IndieMan's picture
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RealWorld wrote:
Whatever - if you don't see a problem with this than you never built your business.
It is the same reason that people are mad Bonds juiced. If he would have hit 700 HRs clean no one would be mad. If he would just fess up and say that he juiced and that is the reason he hit so many HRs some people would be OK with it. But what really pisses people off is that he did juice and he acts like he hit all his HRs clean.
 
Kinda like patting some dude on the bat for starting in a horrible market. Acting like he built up his book and patting him on the back. In reality this guy's situation is like 5% of all the advisors out there. In no way does it remotely resemble 70% of new edward jones advisors.
 
No problem that he got the assets. PROBLEM is that the parade him around like he started fresh.
 
B24 - The reason that it is a problem is that it is not just for PR or recruiting. This is the same thing that happens at each regional meeting and in our compensation as well.

 
One of my college roommate's dad was a $1,000,000 producer with Shearson Lehman back in the day.  After college, he joins his dad's office, and his dad gives him $20 million of his book because he's not talking to them.  So, first year in, the kid's doing $150,000 a year in commissions, in 1985..........is that unfair too??  :)

SometimesNowhere's picture
Joined: 2008-12-22

RealWorld wrote:My God - You guys get more guts on forums than a drunk at a bar. Simply discussing a relevant issue at the firm.
 
You call it discussing, I call it whining. Half of your posts have to do with what someone else got and how people see them and what Jones does with them and blah blah blah. Nobody here cares about how sh*tty of a broker you are. You don't like it here? Stop posting here.
 
And so far as "guts" because it's a forum, I can confidently tell you that I censor my comments because this is a public board. If I saw you at a regional meeting and you said some of the stupid sh*t you say here, I would color the language up a bit for you.

SometimesNowhere's picture
Joined: 2008-12-22

voltmoie wrote:
Four Points:
 
1 - Your "jones rant" has already occurred on another thread
2 - Does it effect your business? If not, who cares.
3 - I'd be willing to take an office in a heart beat, so would you.  Stop whining hypocrite.
4 - Ron = Gay in kurdish
 
 
 
Oh, and this is comedy gold. How did everyone miss this?

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RealWorld wrote:My God - You guys get more guts on forums than a drunk at a bar. Simply discussing a relevant issue at the firm.
 
How is it an issue at the firm?  It's not an issue to me.  It's not an issue to the 65 other FAs in my region.  We couldn't care less what happens in Sparta, IL. 
 
This has always been and will always be a normal part of EDJ.  Get over it.

RealWorld's picture
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I personally can not believe the backlash I get for posting this.

 
I guess most people who work at Jones and did not take over assets are actually working not posting.

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broker4hire's picture
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Despite the tone of some who say "quit bitchin' and go to work" it bothers everyone.  My issue is not with the fact that assets are given to someone....it is often the selection process that disturbs me.  I have been at Jones for about 8 years and have been successful.  Throughout those years I have seen cases in my region where a new broker was handed an office twice as large as mine. 
To anyone who says that they do not have a problem with this......I feel sorry for your clients, you are probably lying to them too.

Spaceman Spiff's picture
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Have you told your RL that you're willing to leave your office behind and move to a new one with more assets if it becomes available?  Would you move to a different state to double your assets overnight?  Once in a while we get a wire from our open office recruiters telling us that they have a large office in some small town in MO.  Tells us to let people know about it and to tell them if we're interested in moving.  Nobody does, but yet everyone complains when the new FA, who doesn't have an office, gets one locally.  Have you spoken with anyone in HQ to let them know you're willing to move for the right opportunity? 
If you've been at Jones for 8 year, you're successful, you're not below expectations, etc then the doors could be wide open for you if you're willing to relocate your family.  If you're not, then just keep doing what you're doing to make yourself successful and stop whining about what other people get. 

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broker4hire wrote:
Despite the tone of some who say "quit bitchin' and go to work" it bothers everyone.  My issue is not with the fact that assets are given to someone....it is often the selection process that disturbs me.  I have been at Jones for about 8 years and have been successful.  Throughout those years I have seen cases in my region where a new broker was handed an office twice as large as mine. 
To anyone who says that they do not have a problem with this......I feel sorry for your clients, you are probably lying to them too.
 
B-
Listen, it's not that we don't have a problem with it, per se.  OF COURSE I would like assets handed to me.  Everyone would.  But I would also like to inherit half a million dollars like some of my clients.  Point is, you can't sit around wallowing in misery about it.  There is no equitable way to hand out assets.  In my area, there is this ONE guy that always seems to get the failure's assets given to him.  And he's a LOSER!  Been w/Jones 10 years.  I have NO idea why he keeps getting assets handed to him.  All I know is, I can only focus on MY business.  So say "WTF!?" three times and move on.  Yes, you might not get as much "praise" as those guys that inherit big assets and outperform.  So what?  Just make it work.
 
I guess my attitude stems from my past career.  I was a corporate controller/Finance Director.  I ran accounting departments.  I basically staffed mostly women, mostly mothers.  Always had people out, people leaving early, can't work late, blah, blah, blah.  So what happens?  The work still had to get done.  Could I go to my President or General Manager and whine about it?  No.  I had to work lots of nights and weekends to pick up slack when necessary.  Year-end audits, budget time, tax time, whatever.  It gets done or I'm out.  Yes, I could fire people for not wanting to put in the extra effort, but then  have to turn around and hire some more untrained people.  But that was my job.  And I didn't b!tch about it.
Point is, play the hand your dealt and stop worrying about everything outside your control.  Be in control of YOUR OWN destiny. 

Ron 14's picture
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Realworld - I don't think you are wrong for feeling the way you do. If EJ was smart or if any of the RL's could produce an original thought they would temper the glorification of these FA's regardless of their situation. This happened quite a bit in my region and it was annoying. There were a few times I just walked out of new FA meetings because of it. It wasnt the main reason I quit (lack of income was) but it was a part of the misery.
 
When I went to become a teller I found out the same crap happens at the bank. New guy starts at the same time a guy with a busier branch or more assets quits, or a new branch opens in a wealthy area and a new guy gets it. You should be judged against what you are doing based on your situation, but it isn't that way. Life isn't fair and a lot of times it sucks. If Tom Brady got drafted by the Browns he may be flipping burgers now, who knows.  It is played out, but you can only worry about what you can control. If you continue to worry about the things you cant control it will eat you alive. Believe me.

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You know, I was listening to WEEI this morning (a New England sports-radio thing), and they were talking about the "Best Quarterbacks" ever.  Of course Manning and Brady were the topic of discussion, as well as MOntana, etc.  And it occured to me - WOULD Brady be nearly as successful if he ended up with the Saints or the Lions or the Bengals?  How BIG is the Belechik effect?  I would argue (and I'm a huge New England fan) that Manning is probably the better PURE quarterback.  Brady is smart, can stay in the pocket, and is very accurate.  Ever seen him go deep consistently?  Manning can.  I don't know.  A lot can be said for right time-right place.  Is it coincedence that Big Pappi stopped hitting as soon as Manny left and stopped protecting him in the lineup?

Ron 14's picture
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B24 - That is a great topic and one that should be started in the lounge. I always wonder about those type of things. Brady has become an awesome QB. He is a better QB now then the first Super Bowl for sure and maybe the second. He went from game manager to game changer and he was given the chance to develop because his team was winning. He was smart enough to do it the right way and he worked his ass off. Many guys just never get that chance. Manning on the other hand got drafted by a 3-13 team, got thrown into the fire day 1 and really elevated that entire organization. If Brady was a 6th Rd pick for the Lions he wouldve never gotten the chance. And with that being said, if Manning had been picked by an 8-8 team and he didnt develop quick enough (he did throw 28 picks in year 1) he may have been on the bench because the coach didn't want to wait.

mnymker's picture
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saw my first jones statment in a while (typically don't travel in those client cirles) it was exactly as I thought several b share mutual funds and annuities.  sad to say but it was typical......she asked if I wanted her to move the 125k over and i told her that i though she ought to let him handle the problems he created.  we could talk after surrender charges where gone........are they all stuck in 1985?

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B24
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Yeah, most guys I know don't use B-shares at all, and most use annuities about the same as every other advisor - when necessary, or to make a month .

Spaceman Spiff's picture
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ice - we have A share annuities and B share annuities.  Cost structure works exactly like A share and B share funds other than the conversion of B to A in year 8.  We also have C share annuities, but I don't know that I've ever used one.  I can't actually say that I've heard of anyone else using them either. 
I haven't sold a loooooong maturity corporate bond in a few years either.  I have in the past when rates were higher, but not recently.  It's a shame BABs are a limited run product.  I've been looking a lot more at short duration and 10 year or less maturities.  I'd rather give up a little yiels for a client who really doesn't need the income right now than lose a chunk to interest rates.   

Squash1's picture
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RealWorld wrote:
Whatever - if you don't see a problem with this than you never built your business.
It is the same reason that people are mad Bonds juiced. If he would have hit 700 HRs clean no one would be mad. If he would just fess up and say that he juiced and that is the reason he hit so many HRs some people would be OK with it. But what really pisses people off is that he did juice and he acts like he hit all his HRs clean.
 
Kinda like patting some dude on the bat for starting in a horrible market. Acting like he built up his book and patting him on the back. In reality this guy's situation is like 5% of all the advisors out there. In no way does it remotely resemble 70% of new edward jones advisors.
 
No problem that he got the assets. PROBLEM is that the parade him around like he started fresh.
 
B24 - The reason that it is a problem is that it is not just for PR or recruiting. This is the same thing that happens at each regional meeting and in our compensation as well.
 
I like Bonds, I don't care if he juiced or was clean...

Ron 14's picture
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Bonds had 3 MVPs and was on his way to becoming the best player ever before the roids. He started doing the roids to prove to everyone that he is better than them with or without them. The point is Bonds was a stud before the help, most of the Jones fags would be struggling without the assets and instead of stepping aside and giving some guy credit like Volt who may be doing less numbers but is doing it on his own, they beat their chest like they earned it.

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I think Bonds had the talent. The juice just let him do it a lot longer than he would have been able to without it. Just like Clemens. You just don't hit your prime at 38 in pro sports.

Ron 14's picture
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B24 wrote:I think Bonds had the talent. The juice just let him do it a lot longer than he would have been able to without it. Just like Clemens. You just don't hit your prime at 38 in pro sports.
 
Do it longer ? He was never hurt before the juice and missed basically 2 1/2 years because of it. He had never hit 50 HRs in one year until the 70+ year. I think he would have ended up with more HRs without the juice because A. He wouldn't have gotten hurt as much B. He would still be playing in AL as a DH hitting 25 a year.

Ron 14's picture
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Yeah and had 800 HRs

LuvIndy's picture
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I think if Jones gave the new guy a 20% payout and gave the other 20% to the giver for 5 years, so it was a 100% purchase, I could live with that (if I were still a disgruntled Drone). The Indy world touts great producers that bought their books, and I have less trouble with that than I did with the Jones touting.

LuvIndy's picture
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Why the hell do threads keep dying (Sp?) right after I comment? I'd like a Jonesite to tell me why I'm wrong, for the sport of it if nothing else.

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