I am a new guy at EDJ.  I’m starving too death.  I do what is in my clients best interests.  I’m pretty good at what I do.  I’m starving to death, but I’m not ashamed of the portfolios I build.  They are cost efficient, high performing, asset allocated, well-diversified and taylor fitting for each individual client.  Could I do what I do now somewhere else?  Absolutely.  Would I be able too?  Or would I have someone standing over the top of me with their foot in the back of my neck ordering me to hurry up and put Lipstick on some bullsh*t, or proprietary under-achiever?  I don’t know.  I like Jones.  But I can see what some of you are saying.  I got a riddle for you guys.  Have you ever spoken with a EDJ guy who has been there 5-7 years?  There is an all-too-common truth.  They stay there by inheriting 20+million.  Oh I know, not everyone, but jones is like a revolving door.  I’ve never seen so many new faces at a job in all my life.  It’s like waiting tables, …but with less pay.

[quote=EdJehovah]... I got a riddle for you guys.  Have you ever spoken with a EDJ guy who has been there 5-7 years?  There is an all-too-common truth.  They stay there by inheriting 20+million.  Oh I know, not everyone, but jones is like a revolving door.  I've never seen so many new faces at a job in all my life.  It's like waiting tables, .........but with less pay.[/quote]

I have a hard time believing you are new with Jones.  You shouldn't be seeing the light this much until at least two years into the business.  

I particularly liked the waiting tables analagy.

[quote=EdJehovah] I am a new guy at EDJ.  I’m starving too death.  I do what is in my clients best interests.  I’m pretty good at what I do.  I’m starving to death, but I’m not ashamed of the portfolios I build.  They are cost efficient, high performing, asset allocated, well-diversified and taylor fitting for each individual client.  Could I do what I do now somewhere else?  Absolutely.  Would I be able too?  Or would I have someone standing over the top of me with their foot in the back of my neck ordering me to hurry up and put Lipstick on some bullsh*t, or proprietary under-achiever?  I don’t know.  I like Jones.  But I can see what some of you are saying.  I got a riddle for you guys.  Have you ever spoken with a EDJ guy who has been there 5-7 years?  There is an all-too-common truth.  They stay there by inheriting 20+million.  Oh I know, not everyone, but jones is like a revolving door.  I’ve never seen so many new faces at a job in all my life.  It’s like waiting tables, …but with less pay.[/quote]

Before you start sending out your resume with cover letter, you might want to spend a little time studying the differences between:

-“to”
-“too” and
-“two”

50% payout on all products, no haircuts, and freedom to do business as I like.  (products, platforms, cost structure all in my hands)

(would keep me here since I'm not gone just yet)

So here is a question, for all the ex jones grunts. (myself included). Over the last 10yrs how many people have left Jones? My guess is 27,000.

Ed-

Welcome to the world at Jones. You are either with them or against them and it can change at a moments notice. Offices are given typically to the friend of the RL or someone at home office that is not looking to build from scratch.

At wirehouses they fight for the corner office with a window. At Jones its who you know not what you did (production) that gets you a five year start (40M AUM). My only recommendation is to get used to it. It will happen again.

Advisor-

If they are adding 2400 reps a year and they have the same number that they had 10 years ago, then your guess would be pretty close.

I recall the number was roughly 6000 reps in 97. Today less than 10,000. For arguments sake a gain of 4000 over 10 years. They hired 24,000 and had a net gain of 4000. My estimate would be 26,000.

Seems like there ought to be a better way to keep people unless that isn't the goal. It's cheaper to fight for the assets.

Who cares. Seriously.

Who cares. Seriously.

[quote=EdJehovah] I am a new guy at EDJ.  I'm starving too death.  I do what is in my clients best interests.  I'm pretty good at what I do.  I'm starving to death, but I'm not ashamed of the portfolios I build.  They are cost efficient, high performing, asset allocated, well-diversified and taylor fitting for each individual client.  Could I do what I do now somewhere else?  Absolutely.  Would I be able too?  Or would I have someone standing over the top of me with their foot in the back of my neck ordering me to hurry up and put Lipstick on some bullsh*t, or proprietary under-achiever?  I don't know.  I like Jones.  But I can see what some of you are saying.  I got a riddle for you guys.  Have you ever spoken with a EDJ guy who has been there 5-7 years?  There is an all-too-common truth.  They stay there by inheriting 20+million.  Oh I know, not everyone, but jones is like a revolving door.  I've never seen so many new faces at a job in all my life.  It's like waiting tables, .........but with less pay.[/quote]

I have been at Jones 4 years and have over 25Million AUM. I did not inherit over 3 Million of those assets. If you want to pose a question to me , pose it. If you want confirmation that I speak the truth ask INDYONE. The industry as a whole loses 80% of all those who start out as brokers in the 1st 5 years. The reason that brokers fail is that the pain of rejection becomes greater than the value of succeeding.... You need to take ownership of your life....

 The reason that brokers fail is that the pain of rejection becomes greater than the value of succeeding.... You need to take ownership of your life....

Stay focused on what is important. Jones is one of the firms that trains new advisors in this industry. Whether you stay for with them for long or not, they are an ethical company that runs a successful business model.

Specifically, it is hard to keep the new business coming. It seems the company recovers its training cost through the use of A shares. Harder for you, but fine for the client.

I challenge any fee based advisor, including some of the apparently moralist registered investment advisors, to prove that any other arrangement is fundamentally better than placing new money for a long term into A shares - for the typical "found money" Jones client. (Revenue sharing agreements for the home office partners included.)

As has been pointed out here, Jones will teach you basic individual stock and bond portfolio strategies, and as a broker dealer has access to insurance products that may be appropriate options for the generalist neighborhood financial advisor to offer her clients.

Don't get swept away by what is not important. Stay focused and find your natural career path - it can go in many directions - think for yourself.

[quote=planrcoach]I challenge any fee based advisor, including some of
the apparently moralist registered investment advisors, to prove that
any other arrangement is fundamentally better than placing new money
for a long term into A shares - for the typical “found money” Jones
client. (Revenue sharing agreements for the home office partners
included.)[/quote]



Vanguard Advisory Services and VG’s target date funds.

Amerivest and their ETF portfolio’s.



The very best an EDJ’er can do is put people into GFA @ 70bp (after the
initial commision). There are several managed account programs with
zero intial comission and lower than 75bp fee’s. 

Don't get swept away by what is not important. Stay focused and find your natural career path - it can go in many directions - think for yourself.

What?? Are you Suzie Orman in disguise.  Can you be any more generalistic and simplistic?

if the worst thing i ever did was buy an american funds A shares, then I would have been better off than working all these structured products created by brokerage firms over the last 20 years. I do not work at jones but they always seem to be at the top of broker surveys. That must mean something.

Aldo-

It means that Jones brokers respond more to the surveys than others. I used to get a call from my RL or his team encouraging me to fill out the annual survey.

I did the opposite. Its just propaganda. It means nothing and is commonly used for recruiting.

A share programs are the most profitable programs for b/d's. If your client moves money like the average client then A shares are the most expensive. I haven't found one family including the world's largest that is excellent in every asset class.

I got an invitation by mail and completed the JD Power survey online yesterday…Edward Jones, you’re goin’ DOWN!!!

What?? Are you Suzie Orman in disguise.  Can you be any more generalistic and simplistic?

Pretty specific in pointing out that that Jones' strategy, using A shares and a simple but comprehensive array of products, can work for clients. You can and should feel good about yourself as a planner, from the client's point of view.

If anything, the firm does better than the advisor. The analogy might be, I affiliate with a broker dealer and run wrap accounts at 1%.

Someone else runs fee-based at 1% over at an RIA. They get to keep a lot more of the payout.

In fact, from the clients point of view, there may be substaintial benefits to either arrangement.

This is a business of constant change and renewal, therefore,

Don't get swept away by what is not important. Stay focused and find your natural career path - it can go in many directions - think for yourself.

Sorry if that insulted you or seemed simplistic. In fact, I think our human nature tends to want to embellish the profoundly simple in a business that is simple but not easy.

[quote=planrcoach]

This is a business of constant change and renewal,

[/quote]

This is exactly why I opened my eyes to fee-based compensation after being a drone for so many years. Things change, and will again. Buying A shares and kowing with confidence you will hold them forever is not bloody likely.

[quote=footsoldier]

Aldo-

It means that Jones brokers respond more to the surveys than others. I used to get a call from my RL or his team encouraging me to fill out the annual survey.

[/quote]

If I was working at a firm and watching Jones being repeatedly named the best place to work, voted highest in investor satisfaction, etc., etc., etc., I think I'd be rallying the troops to respond to those surveys so we could get some positive press, too. 

I guess you'll say next that the Jones FAs and their clients are all just lying.

Whatever.  

I came out in 1999 and was IR 3600 or so.  Either get your facts straight or shut the hell up.  Talk about greedy GP’s.  Do you know any partner/owner of a firm that doesnt like money.  You went independent partly for that reason.  It may not be the only reason, but you wanted to be an owner.  You wanted to make the same on less business.  I dont need to make any more money.  I like making what I make.