No longer at Edward Jones, looking into options
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[quote=B24]Still@Jones, I understand your pain. Keep in mind, there are useless a$$es at every firm. You just happened to have a bad experience at Jones. I have been very lucky to get the training and mentorship I received at Jones. I hooked up with some very good guys, that continue to be mentors to me today. But I look around our region at some of the newbs and who they have been paired up with, and I feel for them. Honestly, if I had been trained or mentored by our top producer in the region, I would have hated it. He’s not a bad advisor, I just dislike his style. He’s a cold-calling, doorknocking, machine. But he built his business in the early and mid-90’s, and most of his advice is from the perspective of a nearly-20 year veteran. So yes, I’d love to call 25 clients a day on a really good muni (he’s a big muni advisor, lot of HNW clients), but I would run out of clients that would buy muni’s after about 3 days. He’s got like 1000 households. So the advice is not always relevant.
[/quote] x2. My Field Trainer had a very different style than I did, and my "mentor" never even called me. If it weren't for another FA in the region reaching out and showing me some important things, I would have probably sunk like the other guys.[quote=B24]
Actually, I will take a different approach to this one. I think there are plenty of honest, hard-working FA's out there that just can't make it because they don't know what works, and they can't figure it out on their own. But you put them on a wirehouse team where they are a junior, and the senior members just tell them what to do, hand them some small accounts to work on, whatever, they could end up beign very effective and having a great career. This is one of the few industries where you are essentially left to your own devices to figure it out. Ever notice how EVERYONE builds their business differently? Having a successful senior advisor that can help guide you through that process is priceless. [/quote] Thats why I said it's all self motivation at Jones and well alot of other firms. I agree some people do leave and then do very well in a team atmosphere, because they aren't self motivated. I would have to say though, that it is probably the exception rather than the rule. Most of the people I know that got fired just weren't in the right business. The ones that run out of money usually quit.[quote=DCnew]
HUGE payouts!, what firm/ B/D? [quote=BerkshireBull] [quote=Still@jones]EJ must be doing some housecleaning...I just got let go last week. Didn't even make it to PDP.I'm looking at 3 options:
1. Joining another firm to see if having an office and some mentors makes a difference.
2. Going back to my old industry and working 60-80 hours a week.
3. Going back to my old industry but working 30-40 hours a week and trying to start and advisor biz on the side.
I actually believe #3 is a pipe-dream, but it's still on the table.
[/quote]
Check out insurance companies. I'm sure most of them would love to have you and the minimums won't be like Jones since you'd share secretaries and they'd house you in a central office location with several other agents/advisors, in other words you can build at your own pace because they're not spending $100k per year on you or whatever Jones offices cost. Payout will be better too on investments. We get 80% on wrap business, and a sliding scale from 50% up to 85% of GDC on commission based business.
[/quote] [/quote]
I think Berkshire is at Northwestern Mutual.
Thanks all,
I am looking into all options, I currently have the advantage of a steady paycheck while I evaluate my circumstances, options, and carefully make my next move. I have no question that I have the "charisma" if you will, and my field trainer as well as several other brokers literally called me saying they knew I had what it takes to succeed in this business. I also fully understand that this is a public furum and none of you have the opportunity to size me up face to face. I am confident in my skills and abilities but was hoping to get some seasoned advice from those more tenured in the industry than myself.A) How bad were you guys missing numbers before they gave you the axe?
B)Did they give you a hint to let you know it was coming? C) And lastly, were you guys actually doing the work or not?[quote=SometimesNowhere]
x2. My Field Trainer had a very different style than I did, and my "mentor" never even called me. If it weren't for another FA in the region reaching out and showing me some important things, I would have probably sunk like the other guys. [/quote]I was never told I had a mentor. I wonder if that would have helped.
Berkshire is the 17 guy on a 16 man team. He picks up lunch and shines shoes for minimum wage. In his free time he rips on EJ and bank advisors.
You have to go out and find one for yourself. It’s called initiative. They talked about this in KYC and Eval/Grad multiple times.
"Hey Frank, wow you’ve really built a great business. Would it be okay if I called you once a week for 15 mins to pick your brain? - I’d love to be like you when i grow up!"
My field trainer is a nice guy but I found a guy to model myself after before Eval/Grad … he’s a rockstar. Call him twice a month, he pushes me, gives me ideas, tells me I’m a lazy bastard.
Come on guys … tell us your numbers when Jones let you go. How many accounts, how much gross, and how many months/weeks you were with the company!
There are 3 guys in my old region who are 3 years out and have a 4 month rolling of 5k. They haven't been axed.
[quote=fa09]A) How bad were you guys missing numbers before they gave you the axe?
B)Did they give you a hint to let you know it was coming? C) And lastly, were you guys actually doing the work or not?[/quote]C: I started off very badly. I was doing the work, but I was having an impossible time getting phone numbers. I made it through Eval/Grad with mostly business contacts. But, once in production, I wasn't selling anything. I realized a few weeks into production, I needed to find MY way of selling.
I do admit, I spent more time reading and planning than I should, but it was what I needed to do. And I actually did turn things around. By July, I was getting phone numbers from almost 90% of the doors I knocked and I was getting appointments (I actually talked up the appointment at the door). But, EJ wasn't going to keep me on with my low numbers, and I was gone.
B: I got 2 stern warnings that I was running out of time. If I didn't show vast improvement in the number of accounts I was opening.
A: Less than 6 accounts, and that's all you will get out of me.
[quote=Ron 14]Berkshire is the 17 guy on a 16 man team. He picks up lunch and shines shoes for minimum wage. In his free time he rips on EJ and bank advisors. [/quote]
Free time my ass. I schedule those activities in as part of my day.
[quote=Still@jones]
[quote=BerkshireBull]
DCnew, I’d rather not name my company specifically but I know we’re not alone, I have a buddy at NML and he gets the same type payout. I think most big mutual insurance companies pay really well on the investment side.
[/quote]
NML has a nice office in my town. I like the idea of my payout being almost 3 times what Jones would give me (and with low minimums)…what’s the catch?
[/quote]
I don’t work for NML but I can guess how they work. Anon would know more but here’s what I know.
You pay your own way on most things, that’s the catch. You probably pay $150-200/mo if you want them to house you and provide copier, printer, fax, secretaries to take incoming calls for you. You probably pay $50-100 for your E&O depending if you are an IAR or just a reg rep. You probably have some sort of small monthly fee for the computer programs you choose to buy a license for. You probably pay a small fee if you want to participate in any home office generated lead programs.
The advantages are the occasional freebie call-in leads and inexpensive home office leads, less meddling management than Jones (I’d guess), access to orphan policyholders for prospecting, a more respected company name than Jones (heh heh), and most importantly a higher payout.
LOL. Well played.[quote=Ron 14]Berkshire is the 17 guy on a 16 man team. He picks up lunch and shines shoes for minimum wage. In his free time he rips on EJ and bank advisors. [/quote]
Free time my ass. I schedule those activities in as part of my day.
[quote=BerkshireBull]
I don’t work for NML but I can guess how they work. Anon would know more but here’s what I know.
You pay your own way on most things, that’s the catch. You probably pay $150-200/mo if you want them to house you and provide copier, printer, fax, secretaries to take incoming calls for you. You probably pay $50-100 for your E&O depending if you are an IAR or just a reg rep. You probably have some sort of small monthly fee for the computer programs you choose to buy a license for. You probably pay a small fee if you want to participate in any home office generated lead programs.
The advantages are the occasional freebie call-in leads and inexpensive home office leads, less meddling management than Jones (I’d guess), access to orphan policyholders for prospecting, a more respected company name than Jones (heh heh), and most importantly a higher payout.
[/quote]
I would guess, if you are paying for your space they don’t care how slowly you build your business. This might actually be the perfect format for me.
When I was at Jones, I actually paid for my own office space. I was so ineffective out of my home that I paid $200/month to use a shared space 10 days a month. I had to sign a 6 month lease, so I’m still paying…
Thanks all, I'll be interviewing for a Chase FA position in the next week,
any input?[quote=DCnew]
Thanks all, I’ll be interviewing for a Chase FA situation in the next week,
any input? [/quote]Talk about building relationships with your bankers, the power of the chase brand, and how excited you'll be to work within the framework of a bank with such a great history of customer service. BLAH BLAH BLAH
[quote=Still@jones]
[quote=BerkshireBull]I don’t work for NML but I can guess how they work. Anon would know more but here’s what I know.You pay your own way on most things, that’s the catch. You probably pay $150-200/mo if you want them to house you and provide copier, printer, fax, secretaries to take incoming calls for you. You probably pay $50-100 for your E&O depending if you are an IAR or just a reg rep. You probably have some sort of small monthly fee for the computer programs you choose to buy a license for. You probably pay a small fee if you want to participate in any home office generated lead programs.The advantages are the occasional freebie call-in leads and inexpensive home office leads, less meddling management than Jones (I’d guess), access to orphan policyholders for prospecting, a more respected company name than Jones (heh heh), and most importantly a higher payout.[/quote]I would guess, if you are paying for your space they don’t care how slowly you build your business. This might actually be the perfect format for me. When I was at Jones, I actually paid for my own office space. I was so ineffective out of my home that I paid $200/month to use a shared space 10 days a month. I had to sign a 6 month lease, so I’m still paying… [/quote]
Seriously? Your region sucks. Or you showed no common sense. Why not just ask another fa with an office if you could use his place when you schedule appointments. That is if the client insists on it as opposed to the convenience of you coming to their home where all the paperwork is. Signing a lease is crazy talk with the jones salary. Honestly, I know its been said before but if you couldn’t hack it full time then why on earth do you think you will make it part time? Sounds like you’re just wasting time money and effort on a pipe dream that you aren’t willing to commit yourself enough to be successful at.
[quote=fa09] [quote=Still@jones]
[quote=BerkshireBull]I don’t work for NML but I can guess how they work. Anon would know more but here’s what I know.You pay your own way on most things, that’s the catch. You probably pay $150-200/mo if you want them to house you and provide copier, printer, fax, secretaries to take incoming calls for you. You probably pay $50-100 for your E&O depending if you are an IAR or just a reg rep. You probably have some sort of small monthly fee for the computer programs you choose to buy a license for. You probably pay a small fee if you want to participate in any home office generated lead programs.The advantages are the occasional freebie call-in leads and inexpensive home office leads, less meddling management than Jones (I’d guess), access to orphan policyholders for prospecting, a more respected company name than Jones (heh heh), and most importantly a higher payout.[/quote]I would guess, if you are paying for your space they don’t care how slowly you build your business. This might actually be the perfect format for me. When I was at Jones, I actually paid for my own office space. I was so ineffective out of my home that I paid $200/month to use a shared space 10 days a month. I had to sign a 6 month lease, so I’m still paying… [/quote]
Seriously? Your region sucks. Or you showed no common sense. Why not just ask another fa with an office if you could use his place when you schedule appointments. That is if the client insists on it as opposed to the convenience of you coming to their home where all the paperwork is. Signing a lease is crazy talk with the jones salary. Honestly, I know its been said before but if you couldn’t hack it full time then why on earth do you think you will make it part time? Sounds like you’re just wasting time money and effort on a pipe dream that you aren’t willing to commit yourself enough to be successful at.[/quote]
What he said