What was your eye opener event at Jones?

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csmelnix's picture
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Joined: 2005-06-01

With all the former Jones reps out there, I am curious to hear what caused you to poke your head out and take a look at your options?  My story was funny looking back on it and I know it'll draw the is it only about the money thoughts but it was good.  At a regional meeting, our regional leader was in front of the group jumping up in down (literally) with excitement about the growth of his business.  Mind you that he had been with Jones for 13 years, was if I recall the first Jones advisor in this area (a pretty large metro city in the NEast).  He went on to tell us how proud he was to be able to walk through his door every Jan 1st  after 13 years of building his business, knowing he would GROSS $70,000 every year from his mutual fund trails. 
My eye opener - I just couldn't imagine knocking on doors or cold calling for several years only to have $30 million in mutual fund assets pay ME about $27,000.  My time, my effort and the value I would bring to the table just deserved more.
Share your stories, I'm curious.

Ilovedogs's picture
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Joined: 2005-11-12

I had a similar event.  My RL was jumping up and down about the current bonus bracket at the time, and telling us newbies to keep up the good work so his bonus would be high.  He also told us we needed to recruit new people so we would be in the same position 10-15 years in.  I felt like I was at an Amway meeting!!
I agree with you about the door knocking.  I recently left because they fill you with so much BS that you finally get your eyes opened to reality.
 

ctlatinger's picture
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Joined: 2005-08-10

It was a gradual redemption:
1) Being told by another broker about the "Law of American Funds"...as in they are "Guaranteed" to grow at 12% a year.
2) When a certain Nebraska Jones Legend's ( as in "the toolkit" , for the Jones insiders) Son in Law said to me..."You have an MBA...WTF would you do that for, an absolute waste of time and completely unneccesary in this business".  It is..hmm, I thought when I read the financials of a company, or look at an efficient frontier, or discuss the current capital market line assumptions I was supposed to understand them...I just didnt realize I wasnt supposed to know this stuff, silly me. 
3) When they hired a former beer truck driver
4) When I sold $50,000 of a C share to a client worth 9 million...and compliance took me through the wringer.  The compliance officer had to call the client and discuss it with him.  Needless to say...the client was not impressed by this.  This guy wasnt going to pay a load...period...but I got his business...and now we are discussing a 3 million portfolio that never would have been possible at Jones.
This is going to be a fun thread.
I love not being there!

repwork's picture
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Joined: 2005-11-03

Endless door knocking quotas and the constant breathing down the neck by reps in the region to do more...more...more and the endless line of "what's best for the customer" and in reality - sell, sell, sell. Bottom line - was a sales job first. Financial advisor second. Worried about hurting clients while begging for trust.

ezmoney's picture
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Joined: 2004-11-30

When I left Jones I was making a whole $6000 gross in trails/ yr. Today I make about 160k gross in fees and trails. It took me only 2 years after Jones to acheive this, not 13 years. what a dumbass!

doberman's picture
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Joined: 2005-02-22

repwork: ...Worried about hurting clients while begging for trust.
----------------------------------
Wow. That line succinctly describes my first few years at Dean Witter.
 

JonesGP's picture
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Joined: 2005-01-28

Looking back on it, my eyes started to open when staying at that crappy Westport hotel (with a roomate) being served the equivalent of hospital cafeteria food the whole time in St Louis..............
However it took me another 18 months or so of hearing regional leaders and GPs tell me how Jones was the only logical place to work in the whole industry and everyone else who didn't work for Jones must be either crazy or dishonest....

skolbrother's picture
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Joined: 2005-07-12

Lied to by multiple GP's to protect the financial interests of a GP. No lubricant or nothing. Unpleasant.

exdrone's picture
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Joined: 2005-07-01

Pretty gradual progression here too.  One moment that stands out is when the tech rep for our region was given his token 10min to sell us all the tech pipe dreams Jones was getting ready to roll out.
Of course, someone asked where the email that has been talked about for 5 years.  His response was priceless.  He said we could not have email right now because it would require the firm to add an additional BOA to every branch to handle the massive volume of correspondence.  At that point the BS reached a terminal level and I knew I was done.
Everything I heard or saw at Jones after that had a whole new context.

BigPayDay's picture
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Joined: 2005-01-10

ctlatinger wrote: It was a gradual redemption:
1) Being told by another broker about the "Law of American Funds"...as in they are "Guaranteed" to grow at 12% a year.
If this is why you left Jones, you are a very fragile person.
2) When a certain Nebraska Jones Legend's ( as in "the toolkit" , for the Jones insiders) Son in Law said to me..."You have an MBA...WTF would you do that for, an absolute waste of time and completely unneccesary in this business".  It is..hmm, I thought when I read the financials of a company, or look at an efficient frontier, or discuss the current capital market line assumptions I was supposed to understand them...I just didnt realize I wasnt supposed to know this stuff, silly me. 
Oh great financial guru Mr Latinger please explain to us capital line market assumptions. This I must hear. Maybe we could start a new thread just dedicated to this subject.
3) When they hired a former beer truck driver
What do you have against beer truck drivers, they were some of the best stock pickers back in 1999 at least for a couple of months. Remember Jones is from St Louis and those Bud guys have some very large 401k rollovers.
4) When I sold $50,000 of a C share to a client worth 9 million...and compliance took me through the wringer.  The compliance officer had to call the client and discuss it with him.  Needless to say...the client was not impressed by this.  This guy wasnt going to pay a load...period...but I got his business...and now we are discussing a 3 million portfolio that never would have been possible at Jones.
How long ago did you leave Jones? And this HNW hasn't transfered his $3million to you yet. Oh that's right he doesn't like paying a load, so you think he's going to pay you 1% a year on one of your fancy smancy platforms. Maybe it's just you he isn't willing to pay for. Maybe YOU need to provide some value to him. Hasn't your new great firm taught you this yet?

CTL, You've got to come up with something better than this.

BPD

Cerberus's picture
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Joined: 2005-09-07

My first wakeup came in the spring of '87 when rates spiked and the
govie funds that everyone sold were tanking.  Jones had just
started putting mutual fund values on their statements and our
conservative clients weren't happy losing $$ on their "safe"
investments.  Plus there was alot of bad press about a big Jones
IR in northern Indiana, Rick Seaman, that had sold a ton of van kamp
& putnam govie/mortg funds as "no load, government gaarunteeed, get
all your money back anytime investment"-well, that worked ok for him
until the fund values started showing up on the statements.  Lots
of bad press later and Jones paid out zillions to settle up. So our
regional GP called a meeting to calm all the newbies down.  He
writes 10 names on the board: Baldwin bonds, Petro Lewis, etc. He
finishes writing, jokes, saying he's sold all 10 of these bricks to his
clients(bonds, underwritings, sydications of EDJ), they've all gone
belly-up & his clients have lost all or most of their money...."but
he's still in business and his clients still think he's ok.  
Don't worry, we'll get tru this because our clients STILL THINK we're
the conservative, safe investment company."

I'm somewhat thick and it took me a few more hits before I finally
understood the disconnect between the Jones reality and their false
advertising as a conservative, client oriented investment company.

The recent  75mil NASD fine and CA proceedings prove that things haven't changed much at Jones since the mid 80's.

jamesbond's picture
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Joined: 2005-03-21

I never bought into all the BS ie "we are the only ones who do it right " etc but my real eye opener was my first "10k gross" month and I only took home around  $2500.  

eyes wide open's picture
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Joined: 2005-01-05

The light went on for me when this "family" organization decreed that my significant other couldn't attend summer regionals, and my son had to spend his time alone while I was in meetings.  And then, since I was getting a production award, I thought I might take him with me to the Sat nite dinner, and was told NO... that wasn't allowed.  Family... yeah, right.

Oracle's picture
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Joined: 2005-01-25

EWO,
I'm not sure how old your son is but there are several programs for all aged children at the EJ summer regional meetings, which I believe you are referring to. The last place my children want to be is at a meeting with me. My kids love to meet new friends at the summer regional meetings. Maybe you should teach your son how to make friends.
So you think Jones should pay for a room for you and your "significant other" to stay in? Is that what you are saying?

Revealer's picture
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Joined: 2005-02-13

Oracle: Does buy and hold work for WCOM,LU,MIR and MANY others the jones gang have pushed? 

compliancejerk's picture
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Joined: 2004-12-03

hey big O
love your "signature"
Guess you weren't around for Baldwin United,  "whoops", NT, WCOM, Enron, K

babbling looney's picture
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Joined: 2004-12-02

When I finally was able to decipher the so called P&L report and figured out that it was a shell game.
When a newbie Goodnight (given 30M on a silver platter) who could find his d$%k in the dark was held up as a shinning star and was standing up and lecturing us all on his success.

Guest1's picture
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Joined: 2005-01-16

When I broke my ankle in 3 places and Jones put a TR in my office for 8 weeks and still paid me all the commission. (over 15k net a month) Took care of my clients while I was out for 2 months.

troll's picture
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Joined: 2004-11-29

Oracle wrote:
EWO,
I'm not sure how old your son is but there are several programs for all aged children at the EJ summer regional meetings, which I believe you are referring to. The last place my children want to be is at a meeting with me. My kids love to meet new friends at the summer regional meetings. Maybe you should teach your son how to make friends.
So you think Jones should pay for a room for you and your "significant other" to stay in? Is that what you are saying?

How about buy and hold for KM and ENE?  CSCO?

Beagle's picture
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Joined: 2005-03-21

This is a funny board how the Jones reps punch in occasionally. 
When I graduated college I thought Jones was the cats meow.  I
didn't go with them only because they didn't want to place any office
in my area at the time (this was a LONG time ago). 

When I did the CFP classes a Jones rep was in there and he was so sold
on Jones I asked him questions.  His blind devotion was very
interesting to me until he told me stories of the gung ho motivational
meetings he had and with management and how much money he potentially
could make and the door knocking.  I learned in college that if
meetings revolve around how much money you "could" be making, it
probably wasn't YOU that was going to be making it, it was the people
giving the speech.

A family friend went to work for Jones in a small rather poor rural
town.  He told me how wonderful it was and in his third year he
made $30k!  Seemed odd to be so devoted when that was the money
being made but I figured what the heck.  Then in the 5th year they
stuck a second office in his town and his income took a 20% hit. 
He quickly lost devotion but felt stuck with the company because he'd
been selling Jones greatness instead of himself to his clients.

liquidasset's picture
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Joined: 2005-08-10

 
Sick of tired of "Jones" talk....never ends. Most of you people that talk the trash about Jones, don't even work there anymore. SO WHO CARES! If life is so great now why don't you keep looking forward and stop looking back on how it WAS. Wow, they must have messed with your heads.....but prolly not.

ezmoney's picture
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Joined: 2004-11-30

Prolly not????  Are you by chance a beer truck driver? Also, one of the main reasons we continue to talk about the fuller brush company of financial services is to let individuals know what they may be getting themselves into.
God bless, and don't forget tomorrow is Friday, you must deliver the beer to all the stores.

Player's picture
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Joined: 2004-12-08

Liquidasset
TOP 10 REASONS MY CLIENTS ARE GLAD I LEFT EDWARD JONES:
10. My clients also like the FACT my FIRM wasn't hit for 75 million in fines and facing close to 1 Billion in CA settlement.........Jones appeal just got turned down and they are going to court, unless Edward Jones settles.........
  9. FEE BASED BUSINESS (NO I WON'T EDUCATE YOU ON WHY IT'S BETTER THAN A SHARES) MY CLIENTS LOVE IT
  8. WHEN MY CLIENTS COME IN IT IS FOR SERVICE, NOT SELLING THEM THE "FLAVOR" OF THE MONTH LIKE YOU STILL DO...........DO THEY STILL HAVE THOSE SATURDAY PROMOTIONS, LIKE SELLING A "STOCK" or  'BOND" or A PARTICULAR "MUTUAL FUND"  OH, YEA BFD, THAT'S REALLY TAKEN CARE OF YOUR CLIENT ISN'T IT? Do you think they don't know it?
   7. BY THE WAY MY CLIENTS DO READ THE "WSJ" SO THEY ARE VERY PLEASED I LEFT..........They relate to the articles.
    6.  The don't have a newbie that Edward Jones put in my old Office, that's still wet behind the ears
   5.  They really love our customer statements, it really smokes Edward Jones statements
   4.  They love our financial plan, that is reinforced every quarter when we have our review
    3. They love that we don't bug them with unnecessary crap that is mailed in their Quarterly statement.
     2. They LOVE NOT PAYING HIGH COMMISSIONS........
     1. THEY LOVE THE FACT THERE IS MORE THAN ON IR IN OUR OFFICE, AND ALL OF OUR STAFF IS LICENSED SO THEY DON'T HAVE TO CALL SOME DIM WIT IN ST. LOUIS TO GET AN ANSWER...... 
This is way too much fun
 Does that answer your question?

liquidasset's picture
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Joined: 2005-08-10

 
 
It never get's to the stores, I drink the profits.
Have a good one!

BigPayDay's picture
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Joined: 2005-01-10

This just in........

Drum Roll please.......

Edward Jones has been Ranked No.1 for the 13th consecutive year in Registered Representative's Brokerage Report Card.

It will be in the December edition.

BPD

exdrone's picture
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BigPayDay wrote:This just in........ Drum Roll please....... Edward Jones has been Ranked No.1 for the 13th consecutive year in Registered Representative's Brokerage Report Card. It will be in the December edition. BPD
This should have been posted on the Kool-aid thread.

BigPayDay's picture
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Joined: 2005-01-10

Ex,

The Kool Aid has tasted pretty good over the last 25 years evidentally:

http://www.edwardjones.com/pdf/PressKitMap.pdf

BPD

eddjones654's picture
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Joined: 2004-12-03

BigPayDay wrote:Ex, The Kool Aid has tasted pretty good over the last 25 years evidentally: http://www.edwardjones.com/pdf/PressKitMap.pdf BPD
 
bpd,
Wasn't the UK at 100 branches four years ago with promises of larger growth ... so why at 84 and stagnant
Why is Quebec at only 14 branches, with a population of nearly 7.5 million (almost 1/4 the population in Canada) after your firm has been in Canada for over 10 years?
Of the 554 branches in Canada ..... how many are "open" locations?
Why have so many GPs been "rotated" through the UK?
Once they (gps) go to the "great white north", how come they haven't been able to "go back home" (although they've interviewed for positions in stl?)

csmelnix's picture
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Joined: 2005-06-01

BPD,
You must be getting a large part of that $.62 of every dollar Jones IRs earn to preach like you do.  Look at the companies w/ whom the report is with; not many of us compare jones to other wirehouses, we compare jones v indy and how their line of crap is just that.   But hey if you want to be an employee v an owner all your life, best wishes.
 

eyes wide open's picture
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Joined: 2005-01-05

Oracle, my son is really good at making friends, and there was NOTHING planned for teenagers.  Oh.. the RL did want him to babysit for him, so he and his wife could attend all meetings and socials.  Fun, hmmmm?  And, why shouldn't I be able to attend summer regionals with my significant other...I choose not to get married.. is that my employer's business? 

csmelnix's picture
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Joined: 2005-06-01

at jones it is cuz their biz is your biz.

zacko's picture
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Joined: 2004-12-01

Registered rep Reportcard is rated by the brokers.  MOST OF WHO HAVE NEVER EVEN BEEN TO ANOTHER FIRM so they have nothing to compare it to.  A 3 year broker at Jones rates the tecnology and the research top notch....I love it! 
 

babbling looney's picture
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Joined: 2004-12-02

Registered rep Reportcard is rated by the brokers.
Exactly, the inmates are rating the asylum.  The people remaining or still at Jones, of course, would have a high opinion of themselves and their place of work.  The rest of us who have moved on are not included in the survey. That would certain produce a different result.

csmelnix's picture
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This is where the replies defending the comment disappear.

BigPayDay's picture
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babbling looney wrote: Registered rep Reportcard is rated by the brokers.
Exactly, the inmates are rating the asylum.  The people remaining or still at Jones, of course, would have a high opinion of themselves and their place of work.  The rest of us who have moved on are not included in the survey. That would certain produce a different result.

BL,

We went to Costa Rica with Jones. It was one of our favorite trips we have taken.

If the inmates truely rated their asylum, would they give it high ranks?

BPD

babbling looney's picture
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Joined: 2004-12-02

If the inmates truely rated their asylum, would they give it high ranks?
Perhaps that was a bit harsh .  But sure they would since they have nothing to compare it to.
It is like being in a bad marriage.  You don't know how bad or unsatisfactory it was until you get divorced, have some distance to reflect, and then have a great marriage to be able to compare the experiences.  True story.
Costa Rica is lovely.  We are on the West coast.  The trips are very nice for people who don't mind structured travel and haven't had the opportunity to travel before.  Don't get me wrong. I think that they can be a nice perk for some people, but they didn't ring my chimes and were not an enticement to "perform" as demanded.

BigPayDay's picture
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Joined: 2005-01-10

eddjones654 wrote: BigPayDay wrote:Ex, The Kool Aid has tasted pretty good over the last 25 years evidentally: http://www.edwardjones.com/pdf/PressKitMap.pdf BPD
 
bpd,
Wasn't the UK at 100 branches four years ago with promises of larger growth ... so why at 84 and stagnant
Why is Quebec at only 14 branches, with a population of nearly 7.5 million (almost 1/4 the population in Canada) after your firm has been in Canada for over 10 years?
Of the 554 branches in Canada ..... how many are "open" locations?
Why have so many GPs been "rotated" through the UK?
Once they (gps) go to the "great white north", how come they haven't been able to "go back home" (although they've interviewed for positions in stl?)

EJ654,
Fair questions. I'll try to answer:

UK growth has looked sorta like the growth at the major wires over the last 3 - 4 years. Flat. VERY different systems from infrastrucure to technology to compliance to licensing. We are staying the course but nothing like the Jones growth engine in the US and Canada. The infrastructure is close though and when it is, it will be full bore in th U.K. as well.

Quebec is only at 14 branches because this Provence is mostly French speaking and has been difficult to break into. We put our first office their in 2004. Is the population of Canada really only 30 million? Wow, I never knew that.

There are more brokers in Canada than branches as some are two broker offices and Goodknight plans. There are fewer open offices than you speak of. Right now there are less than 15 open offices in Canada and most are spoken for by brokers who are currently in training and being staffed by a BOA and transitional rep.

I am not sure specifically who you are talking about as a GP who has gone to th U.K. and back. Tim Kirly has been there for quite some time. John Bachmann spent a full year there after he retired and before he served his year as President of the US Chamber of Commerce.

How many brokers/branches does the firm that you are affiliated with have in Canada?

BPD

csmelnix's picture
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Joined: 2005-06-01

about as many fee based platforms your firm has to offer.

exEJIR's picture
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Joined: 2005-05-12

Ouch!!!

exdrone's picture
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Joined: 2005-07-01

How 'bout an open ended question for the Jonesers.
Under what scenario would you leave Jones and go to another firm?

Malcolm's picture
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Joined: 2004-12-02

I left when:
I decided I wanted to manage money using a fee based platform.  I came to the conclusing this way of doing business was better for my clients, me, my family, and my peace of mind. 
A local IR got preferencial treatment in the last LP offering.  I couldnt figure out how he got more than me when I was more profitable.  Then I found out he is a relative of the RL/GP in our area.
Screwy P&Ls that were screwing me.
Limited tools to do planning.  Limited products.  Unintelligent environment.  "Buy and forget."
I got sick of all the holier-than-thous that I had to put up with.
I saw a friend build up $50,000 in fee based business with in 8 months after leaving.      
I only wish I had left sooner.  THe fee based business has grown much faster than I ever dreamed it would.  First 1 1/2 years were difficult though I will admit.  I had a lot to learn.

Farmboy's picture
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Joined: 2005-11-02

Here's a story that told me all I needed to know about Jones;
It was starvation time in one of the dull moments of the mid-90's when Mr. Bubbles was doing water torture a 1/4 at time and Hillary was nationalizing health care. We had "conference" in Hersey PA. near the chocolate kingdom at a dive of hotel with about 150 mostly newbie brokers. For some crazy reason I joined this firm as transfer and I just happened to be at the top of class based on the strange way they measured everything. Anyway, most of the people were starving. Some were going bankrupt. The motivational speaker was a guy who spent 8 years as POW in Vietnam. Not that I didn't respect him but there was something a little draconian in the message here. Then the GP follows up and tells the story about broker who didn't use heat for a year but was now a success at Jones.
By then I realized it wasn't a business but a cult to encourage such irresponsible acts. Although I was only there for a year 85% of my "class" was gone before me. I started at ML as many did and I thought that was cold but Jones was worse. At least at ML they were honest and didn't try to suck you down by manipulating you out of "expenses" while still trying to "own" your accounts. This is a basic issue with the firm.
I don't know if it's improved but they also had a habit of defaming, often in some small way, just to mark your u-5. It took me 2 years for them have a slander retracted off my record.
 
 
 
 

Player's picture
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Joined: 2004-12-08

How about the IR porking his BOA and in walks the Regional Leader....

exEJIR's picture
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Joined: 2005-05-12

Player wrote:How about the IR porking his BOA and in walks the Regional Leader....
 
I missed that one!

 

babbling looney's picture
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Joined: 2004-12-02

Well, that would certainly open my eyes.  
It could have been worse.  Could have been his wife who walked in, or a client who held some moral principles. 

canucklehead's picture
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Joined: 2005-04-18

What was my "eye-opener" at Jones? It's so hard to choose...
Maybe it was the regional meeting where the RL came in dressed as a superhero, complete with green outfit and cape, calling himself "Captain Visine". As in, he "gets the red out" - red IRs being those who underperformed.
Or maybe it was the regional meeting where we were all issued "Edward Jones Thunder Sticks", and encouraged to bang them together for every lame award handed out. It was humiliating - and deafening.
Or maybe it was the regional meeting where we all played "Edward Jones Jeopardy", and were programmed with the rewritten history of the firm. I assume that the current version of the game has no category "$75 million".
And others. There was one good thing about those meetings, though - there were no guns present, so I couldn't atone for the embarrassment by killing myself.
Ugh. I finally went back to selling used cars, and am now active in politics - two areas where I can respect myself.

Dazed's picture
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Joined: 2005-02-18

captain visine? wow, my regional leader did that too. also the sticks. can there really be 2 idiots doing this?

The Truth's picture
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Joined: 2004-12-01

You gotta be kidding me?  I guess this was Bachman's idea?

Indyone's picture
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Joined: 2005-05-30

Ever think, guys, that you might be in the SAME region?!!!
At any rate, that is an incredibly lame idea...don't blame you for bailing on such a cheesy organization...

josephus's picture
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Joined: 2005-06-23

Captain Visine! that is freakin' hilarious!

Did anyone get video?

eyes wide open's picture
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Joined: 2005-01-05

And then there was the time he bought us all copies of "Green Eggs and Ham", read it aloud at the Regional meeting, and built an entire session around the messages for better business building in the story.

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