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Someone once explained that leaving your firm was like a divorce.
For some it is amicable for others it is the the worst experience on earth. Ever have a friend or relative go through a bad one?
Well us "whiners" seem to have gone through a bad one with your firm. We aren't all loser like those ontop of the pyramid you worship would have you believe. If we were so "evil" and caught doing wrong, your firm is violating NASDR requirements when it comes to termination time as our (at least my) file was as clean as I came in.
[quote=footsoldier]
Newbie-
I hate to admit but I think Unsung had you pegged. You don't have a clue about Jones and you are dead wrong when you assume because we discuss issues about Jones that we have failed.
Quite the contrary. And in my case I am successful in their eyes. I don't feel I will be successful until I control my own destiny.
[/quote]
How many brokers carry Jones business cards these days?
If Nasty Newbie's goal is to be antagonistic on this forum then he's accomplished it.
Look, not everyone has the hap-Hap-HAPPY, Zip-Ed-Dee-Doo-Da, Zip-Ed-Dee-Day experience at Edward Jones others have. I concur with eddjones654....it was Babs that said leaving Jones was like ending a really bad marriage.
Where you wanted to see the best in that other person, didn't listen to well wishers who wanted the best for you. Felt like a fool when you found out the truth. Were embarrassed and ashamed, hurt and betrayed. It's not an easy thing to face.
[quote=eddjones654]
Someone once explained that leaving your firm was like a divorce.
For some it is amicable for others it is the the worst experience on earth. Ever have a friend or relative go through a bad one?
Well us "whiners" seem to have gone through a bad one with your firm. We aren't all loser like those ontop of the pyramid you worship would have you believe. If we were so "evil" and caught doing wrong, your firm is violating NASDR requirements when it comes to termination time as our (at least my) file was as clean as I came in.
[/quote]
I can't recall saying that your CRD file would have anything requiring an explanation.
What I am saying is that people who fail at one firm would almost surely fail at any firm. It's not the firm's fault....don't make me do that list again.
I dont' give a damn if y'all come or go from Jones--I have no dog in your fight. My only point is to address the young people who are reading this and remind them that those of you who are whining are whiners--but that for each of you who is whining there are hundreds of Jones guys and gals around the country who are making an excellent living and see no reason to whine.
They are far too busy to waste their time defending themselves or their choice of firms with which to associate.
Apparently you are not--which is the root cause of the whining in the first place.
[quote=NASD Newbie][quote=eddjones654]
Someone once explained that leaving your firm was like a divorce.
For some it is amicable for others it is the the worst experience on earth. Ever have a friend or relative go through a bad one?
Well us "whiners" seem to have gone through a bad one with your firm. We aren't all loser like those ontop of the pyramid you worship would have you believe. If we were so "evil" and caught doing wrong, your firm is violating NASDR requirements when it comes to termination time as our (at least my) file was as clean as I came in.
[/quote]
I can't recall saying that your CRD file would have anything requiring an explanation.
What I am saying is that people who fail at one firm would almost surely fail at any firm. It's not the firm's fault....don't make me do that list again.
I dont' give a damn if y'all come or go from Jones--I have no dog in your fight. My only point is to address the young people who are reading this and remind them that those of you who are whining are whiners--but that for each of you who is whining there are hundreds of Jones guys and gals around the country who are making an excellent living and see no reason to whine.
They are far too busy to waste their time defending themselves or their choice of firms with which to associate.
Apparently you are not--which is the root cause of the whining in the first place.
[/quote]
Nas-Dee You always seem to make your best point about yourself when you think you are blasting someone else....
It's a good thing you lived long enough to see internet and chat rooms and blogs- it probably has saved your miserable life more than once- being the inevitable jerkoff you are you certainly could not resist shooting your mouth off to the wrong person one day- resulting in getting busted right in the grill.
I actually picture you unable to leave your house... probably weigh about 1000 pounds... you stay on this site all freakin' day and night -and have to order chinese food delivered from the place next to the Edward Jones office.
You sad pathetic little man.... wasting what's left of your life spewing meaningless crap on a blog that no one really cares about.
I left Jones several years ago. I was doing just fine, thank you, but like Devoted says I was suffocating in the overwhelming togetherness and mandatory group think. My personality is that I like to work alone, am very competitive, independent in my thinking and stubborn as a mule when I am pushed around. Jones just wasn’t a good fit for me. I have never whined about Jones and I have actively encouraged new aspirants to our exalted profession to take a look at the company. I have also said that there are plenty of happy Jones brokers and more power to them.
What I have said, which is not whining, but is instead the plain truth, is that the firm doesn't have all the tools and products that are needed to be a full service firm and provide a competitive business model. As you have stated many many times the ability to provide options, fee accounts and SMAs among other things is evidence of a second tier firm. I have also stated from first hand knowledge that the company does not provide anything near an adequate level of training for the new IRs. They train the new guys and gals to be product pushers and no more than that. My feeling is that anyone looking at the company as a starting place or who plans to stay there for their entire career needs to be able to face the reality of the company. Warts and all.
The main beef I had with them was the deceptive recruiting practices where you were misled as to the business model and the hidden or glossed over costs that make it almost impossible to reach the promised carrot. You are led to believe that you will be running your own office and you will be as an independent but with a brand name. This is not true.
I have moved on and now, like my bad marriage analogy, Jones is just an unpleasant memory and a learning experience. There are some people who haven't gotten over the bad experience and some who are just working their way through it. Because you have left a company or are "whining" about your treatment there, doesn't mean you have failed. It just didn't work out.
Current Jones people whine on this forum because "Big Brother" is watching and ratfinks in the Jones culture, who will listen to other brokers bitch about the company, will turn you into the regional cult leader for reprogramming in a heartbeat. Old Jones people vent because probably their spouses are sick of hearing about it. At least here we are all anonymous.
[quote=NASD Newbie][quote=eddjones654]
Someone once explained that leaving your firm was like a divorce.
For some it is amicable for others it is the the worst experience on earth. Ever have a friend or relative go through a bad one?
Well us "whiners" seem to have gone through a bad one with your firm. We aren't all loser like those ontop of the pyramid you worship would have you believe. If we were so "evil" and caught doing wrong, your firm is violating NASDR requirements when it comes to termination time as our (at least my) file was as clean as I came in.
[/quote]
I can't recall saying that your CRD file would have anything requiring an explanation.
What I am saying is that people who fail at one firm would almost surely fail at any firm. It's not the firm's fault....don't make me do that list again.
I dont' give a damn if y'all come or go from Jones--I have no dog in your fight. My only point is to address the young people who are reading this and remind them that those of you who are whining are whiners--but that for each of you who is whining there are hundreds of Jones guys and gals around the country who are making an excellent living and see no reason to whine.
They are far too busy to waste their time defending themselves or their choice of firms with which to associate.
Apparently you are not--which is the root cause of the whining in the first place.
[/quote]
Dumbass is a jones shill. Why dont you talk about the great way Jones people help ordinary folk accomplish their dreams and how IR's make more than doctors and all the other BS. I think you are a GP brought back to the home office with no real skills so they just gave you a cubicle and a computer and you found this forum. Since you wont pull your head out of your ass, why dont you take a laxative so it will crap out on its own.
[quote=babbling looney]
The main beef I had with them was the deceptive recruiting practices where you were misled as to the business model and the hidden or glossed over costs that make it almost impossible to reach the promised carrot. You are led to believe that you will be running your own office and you will be as an independent but with a brand name. This is not true.
[/quote]
Perhaps you would be willing to share a few concrete examples of costs items--what you're paying with your current B/D and what Jones would charge you for the same thing?
This is another good point Babs. My rep..(me too for that matter) is a competitive person, and at times I have labeled her as being one who, "does not play well with others".
It can be frusterating when you are placed in a passive aggressive atmosphere competitive by nature, yet deemed to be NON-competitive on the surface by your employer.
For example, in our town we had 5 Jones offices. While the IRs are always told they don't have territory it was annoying to hear from clients, "That guy over on main st stopped by my house again, I told him I was with you...doesn't he understand that?" Lots of over-saturation in small towns can cause unintentioned competition.
[quote=Devoted SA]
Lots of over-saturation in small towns can cause unintentioned competition.
[/quote]
Oh no, four or five offices in a town.
What about an AG Edwards branch with, say, fifteen producers.
Do you suppose they whine about "unintentioned competition?"
How about a firm with a producing manager--if you think it's bad to have a guy with the same broker dealer prospecting your accounts you should experience having your branch manager prospect your account?
Hey Newbie-
Just curious, how did you come to the notion that you weren't equipped to be in the field? Assuming you failed, did you find yourself complaining at the water cooler with your cohorts?
I think we struck a nerve. A little too close to home perhaps.
OK, but that's the point brainiac.
Edward Jones prides themselves on being DIFFERENT. When you jump in a shark tank, you're bound to get bit.
This is the kind of conditioning I was talking about earlier. When Jones IR's are trained they are tought that the OTHER guys are our competition, WE don't compete against one another. When a Jones IR bails from an office, you'd think it would be fair game for the local guys to hit up his office & scalp his book right? - WRONG. No cannabalism allowed.
This is exactly what I am talking about - you've never worked there. You don't get it.
Babs is right again.
And since I spent so much time on Leadership Team I can tell you how bad the snitching got. I started to feel like I needed a shower after every Team Meeting.....
Here's another little known fact: When, in the rare cases that Jones can recruit a large Producing Broker, they are 'given' partnership right away. NO waiting like the rest of the folks. That can turn off your veterans right there.
[quote=munytalks]
Babs is right again.
And since I spent so much time on Leadership Team I can tell you how bad the snitching got. I started to feel like I needed a shower after every Team Meeting.....
Here's another little known fact: When, in the rare cases that Jones can recruit a large Producing Broker, they are 'given' partnership right away. NO waiting like the rest of the folks. That can turn off your veterans right there.
[/quote]
Oh no, say it's not so. You mean that a big hitter comes into an organization with some prestige--a title.
I'll bet that never happens at Merrill Lynch--they'd never recruit somebody from another firm and make them a Vice President right off the bat.
No sireee, that is just not nice at all. Being nice is what matters.
[quote=NASD Newbie][quote=munytalks]
Babs is right again.
And since I spent so much time on Leadership Team I can tell you how bad the snitching got. I started to feel like I needed a shower after every Team Meeting.....
Here's another little known fact: When, in the rare cases that Jones can recruit a large Producing Broker, they are 'given' partnership right away. NO waiting like the rest of the folks. That can turn off your veterans right there.
[/quote]
Oh no, say it's not so. You mean that a big hitter comes into an organization with some prestige--a title.
I'll bet that never happens at Merrill Lynch--they'd never recruit somebody from another firm and make them a Vice President right off the bat.
No sireee, that is just not nice at all. Being nice is what matters.
[/quote]
CONGRATS! You have run your course once again. You have proven to be your own worse enemy. Could not resist opening your mouth.
You see, IF you had spent as much time in the company of some "very senior Jones Brokers as well as Regional Managers, Etc" you would know why this is wrong.
Bye Bye ... I know you won't be out long. You won't be able to stand it. Sick Sick pathethic man.
Day after day, hour after hour wasting your life. If you had a dog, he'd bite you.
[quote=NASD Newbie][quote=babbling looney]
The main beef I had with them was the deceptive recruiting practices where you were misled as to the business model and the hidden or glossed over costs that make it almost impossible to reach the promised carrot. You are led to believe that you will be running your own office and you will be as an independent but with a brand name. This is not true.
[/quote]
Perhaps you would be willing to share a few concrete examples of costs items--what you're paying with your current B/D and what Jones would charge you for the same thing?
[/quote]
Jones doesn't charge you per item so I have no comparisons. They give you a very low payout and the rational is that their cut (65 to 70% of my commissions )was in trade off for providing those services. However the real bite comes from the embedded costs in the P&L which I considered double dipping. They already reduced my pay out, now they want to ding the P&L as well.
The hidden costs were charged against a P&L which resembles no accounting system I have ever seen before or since. In addition there were many other out of pocket costs that I had to pay out of my paltry 30 to 35% gross payout, which was also subject to W-2 withholding and taxation.
The first costly thing that comes to mind is the mandatory deduction from the P&L for the antiquated technology Satellite system. It wasn't an actual deduction from my pocket, but it was deducted from the P&L which is the way they calculate whether you will be getting any bonuses. So instead of a $1200 deduction against a P&L based on a gross payout of 30 to 35%, I now pay $59 a month for a 2mbps DSL line on a computer (that I own and was able to deduct on my schedule C) that is a zillion times faster and more useful, than that piece of crap provided by Jones. I don' t have to work for the carrot of bonuses or partnerships since I have a payout that is more than twice what I was getting at Jones and I own my business 100%.
The second hidden/glossed over cost: The office furniture, decorations and remodeling costs of which I had no control and which amounted to over 28K was another expense against the P&L. If I am told that I am free to run my office the way I want to, and then be told what expenses I had to incur after I signed on is NOT what I would call freedom to control my business. There is no reason that it should have cost 28K to remodel a 700 square foot space. My office now is much nicer and more personable than the Jones space and I did it on less than 7,000 including equipment.
I wasn't allowed to pick the location for my office or negotiate the rent that I would be charged. Again costs which are charged against my P&L. How is this running my own branch when I can't even chose where I want have my office?
I wasn't free to pay my employee what I wanted. (She was worth her salary. I'm not whining about that. I'm whining that I didn't have a choice) I wasn't free to have my BOA be part time instead of full time. I wasn't allowed to choose to pay or not pay any level of benefit package. All of these expenses again are charged against the P&L with no input or choice from me. Again not what I call being free to run my branch the way I see fit.
You are not free to stay home from time wasting and ridiculous meetings. You are not free to run your business the way you see fit. If I decided I wanted to do nothing but fixed income or nothing but variable annuities (which I don't) you can bet that I would have been getting a visit from St Louis or Regional Leader. You are not free to B.S. on the internet like I am now. They are watching what you do and every key stroke you make. I wouldn't be surprised if they weren't listening into all phone calls I made from the office. They even call the BOA to ask if you are in the office....checking up on you.
So the deception is that you are going to be independent but with the caveat that everyone from the Regional Leader, to some schmoo in St Louis and to some jumped up newbie Goodnight rep with less experience than you but with the good fortune to be related to (or have relations with) the previously mentioned people will all be calling you with cheerful suggestions, tell you what products you should be offering and generally interfering in your business and wasting your time. Now , if I had decided that I wanted to work at Morgan Stanley or some similar place then I would have accepted this because that is their business model. I THOUGHT I was going to be independent....like now......and was sadly mistaken. My bad.
Sure, I have to pay out of pocket costs such as my trading platform, extra research sources (if I want them), advertising, postage and the ever present TP and paperclips. The difference is I can choose who to advertise with, what type of newsletters I want, and how much to spend on any expenses all out of my current gross payout and take a bottom line deduction on my schedule C, whereas at Jones I didn't have those choices and had to pay them out of my paltry 30 to 35% payout and then after taxes and many were subject to the 2% of AGI rules.
I'm not complaining about paying those costs and some of them do impact the bottom line. However, I can contol my costs. The issue is the deception of Jones in the way they present their business model....unitl it is too late.
Again. Some people like the structure and the coccoon of the mother ship. Fine. I was suffocated and felt like a giant weight was lifted when I made the decision to leave for greener pastures.