[quote=RealWorld]

i feel like a business owner. sure edward jones offers a product for a price but if i walk my non goodknight book is coming with me. that is what is great about the industry we service.

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Recently in my region a guy who started new/new 5 years ago and built a 30+ million office was let go by Jones. They flew in a TR that walked in the branch and took it over while the FA was on the phone being fired. Jones then marked up his U4 so he can't find a new place to work. This guy was a hero in our region - a great guy, winner of a bunch of awards the weekend before they fired him - and worked his tail off for over 5 years. And in the blink of an eye, and at the whim of the firm, he had it taken away from him.

That was the final straw that pushed me to go indy. Don't kid yourself - you are not in business for yourself, and they are not your clients. You will never own your work. Even if you do leave, their attorneys will make sure you won't have an easy time moving much business.

It's not a big happy family, it's a business.

[quote=inlandTX]Recently in my region a guy who started new/new 5 years ago and built a 30+ million office was let go by Jones. They flew in a TR that walked in the branch and took it over while the FA was on the phone being fired. Jones then marked up his U4 so he can't find a new place to work. This guy was a hero in our region - a great guy, winner of a bunch of awards the weekend before they fired him - and worked his tail off for over 5 years. And in the blink of an eye, and at the whim of the firm, he had it taken away from him.

That was the final straw that pushed me to go indy. Don't kid yourself - you are not in business for yourself, and they are not your clients. You will never own your work. Even if you do leave, their attorneys will make sure you won't have an easy time moving much business.

It's not a big happy family, it's a business. A pretty ruthless one that hides behind a thick green veneer of Culture & Kudos articles, div trips, and Kumbaya. At least other firms have the temerity to go ahead and announce how cut-throat they are in the beginning. Jones does the group hug thing and proclaims how different they are. They're not different.

[/quote]

You know what they say...PIP'n aint easy (performance improvement plan).

that's messed up.  What was the reason for getting the ax, was it the idiotic 3 strikes and your out PIP deal?  It's pretty damn hard to not go on the Pip program at least once being a new/new even if you are killing it.

I know Jones has a lot of bad aspects to it. Some of you UBS people may know who the X ecex is that was on MSNBC the other day said something like "There are many many great ethical people in our industry working as FAs but there is no great ethical firm in the industry." I agree with that.

I have always worried that any independent place would make my life hell as well. maybe someone can enlighten me but it seems there are always going to be worries in this industry.

As far as Edward Jones is concerned, it has the makeup to be a GREAT company... It just has it heart in the wrong place currently.

How would an independent firm "make your life hell as well"?

Also, curious to know why the rockstar fa got canned by big green, right after receiving all the crappy i mean totally awesome awards...did he have to return his jack phelan blue blazer?

[quote=ClarenceBeeks]

How would an independent firm "make your life hell as well"?

Also, curious to know why the rockstar fa got canned by big green, right after receiving all the crappy i mean totally awesome awards...did he have to return his jack phelan blue blazer?

[/quote]

I'll give you 3 choices.

Legal

Ethical

Profitable

@Hulk:  BAAAAAHAAAAHAAAAAHAAAA…you still believe that cliche?

Out of those 3 choices the third one is the only one that Jones cares about.

There was a seg 3 guy cut loose last week in our region and possibly another one gone soon. It does make you realize that your book really isn't your book...just Jones'. And they will let the next warm body in your office add to it if they can and maybe the third or fourth schlub that moves in will be able to last more than 3 years after he churns the old clients and gets them to move to AS.

Wonderful system.

Ted would never approve of firing a hard working newer fa and replacing him with some newb who didn’t do the work.  Heck, he wouldn’t even let his sisters become partners since they weren’t doing the work.  Funny, seems like we forgot our history and culture.

Someone would have to be incredibly ignorant of our business to think that Jones or any firm in would fire a broker running a profitable business that wasn't breaking any laws or breaching ethical standards.  What sense does it make?  The industry fail rate runs north of 75% and we're going to fire that one in four that makes it?  I guess one doesn't have to have common sense to post on an anonymous internet forum.

And mobile2, you really think that running a legal and ethical branch is not a top priority?  I guess the GPs enjoy paying out settlements when an advisor has broken the law or industry standards....   

Easy there Hulk. I'm positive that Jones wants FA's to run legal & ethical businesses and every FA I've ever met would have it no other way.

Perhaps my wording was a bit provocative but the point remains: regardless of how long you've slogged it out any given FA can get the hook. Now, if the profitability isn't there then it makes sense to move out an FA that isn't willing or able to get up to snuff.

But seeing that played out in reality is much more harsh than written out as an obvious point.

First off, I agree with Hulk. Jones doesn't want to fire anyone who can produce even 150K gross. They certainly don't want to lose anyone over 250K and they get really pissed if they were to loss anyone above 500K.

I don't agree that ALL edward Jones advisors run a legal and ethical business. In fact, one of the key complaints I have is the focus on PROFIT, PROFIT, PROFIT instead of ETHICS, ETHICS, ETHICS... It is a key piece that we are missing from the top down.

I use the analogy of when Bush was president and wanted to "make America safe" by killing all the terrorists in the world. While he was doing that he allowed Barney, Dodd, Frank to push Fannie and Freddie into buying up CRAP mortgages, he allowed our debt to spiral out of control, he allowed our schools and infastructure to begin to fail.

He had one goal in mind and although many would say it is a admirable goal. It put blinders on him that caused HAVOC in America.

That IMHO is EJones' problem. We were so concerned in 2008 with profitability as a firm and with bonus levels being high to keep big producers that we pushed for more money(raised expectations not just on old slackers but on newbies 1-5 yrs out me included at the time), and we started filling offices with anyone who could/would move to the town where the office was now open. We began to award these "take over branches" advisors with Fast Start awards, and showed them the only thing of importance is their gross production. Now in my region we have numerous people with Very Little professional/financial experience managing books well over $50,000,000. And worst of all, we have rewarded their lack of knowledge and professionalism with trips, plaques and "Look what so and so did in only 9 months"....

IMO these people will not be loyal to Edward Jones, will never know what it is like to struggle in this business, money is their GOD, and have no knowledge or experience in the products and services they are providing.... When a crisis happens at this firm and it will again one day the people we have in these offices will really shit the bed and we will look a lot like America looked after Bush stepped down (stepping off of soapbox).

to many ex jonesers it simply came down to the simple fact that you can 'run your own business' and build a book of business that is YOURS.  There are going to be crumb bums at any firm, wire house, or indy shop.  I just like the ability to decide for myself how much I need to produce..(of course my wife has some input in that as well..)

[quote=RealWorld]

First off, I agree with Hulk. Jones doesn't want to fire anyone who can produce even 150K gross. They certainly don't want to lose anyone over 250K and they get really pissed if they were to loss anyone above 500K.

[/quote]

This sounds like a kinder - gentler policy than I have heard is there now,  given the move to 10 segments and the increased production standards... Where are you getting these numbers?