[quote=7yrvet]

zacko-

I know of two in my state that got less than 40%. Both left within the last year. It does happen....As far as your 90%, well that is close to a record isn't it?

Maybe you should write a book. I am sure there are several on this forum that would read it with interest.

[/quote]

Great idea!!!!  Many of the ex-EDJers could contribute an Edward Jones horror story!

We could call it, "The Edward D. Jones Story.....The Agony of Defeat".

[quote=7yrvet]

I know of two in my state that got less than 40%. Both left within the last year. It does happen

[/quote]

7yr, aren't you in the same region as the Fort Bragg IR's that went to Wachovia this summer?  Is this who you are referring to?  If not, can you update us on how that went. 

I left edj 5 months ago and have moved 92%,a friend left 90 days ago and is at 80%,dont believe the bs from jones.

Those Ft Bragg guys took over an office...not an appropriate example 7 year.  Although Jones will hold it out there as an example that if you leave your clients will stay back at jones...That's horsesh*t--good brokers take a signifigant percentage (75% or better) when they leave.  That's an indisputable fact.

I always chuckle to myself when I see a Jones guy try to compare the merits of indy versus those of remaining at Jones.  What I find particularly funny is that they believe there is anything to compare when in truth there really isn't.  I know--I used to do the same thing two years ago before I left.  And having been a top producer at Jones and now at RJFS, I can say that in my expert opinion--that the far better place is indy.  It aint even close.

Thanks for asking. Call fenderbroker, let him give you the numbers. My understanding is that they didn’t have the Zacko touch…

I also believe that the Ft Bragg IRs were not the original reps that brought most of the clients in in the first place.  I know that one of them transfered to that office about 5-6 years ago.  Possibly that has something to do with the clients not moving out in mass numbers?  Their loyalties lay more with the company than the IR since they have had “several” different people servicing their account.  People come and go but the “brand name” company seems to stick.

Babbling...exactly my point.

7 year...as far as the zacko touch goes,  only my wife knows about that one.  I just worked hard and had good client relationships, and prepared very well.  And like you, I built my office from scratch.

Taking over an office doesn't tally in my book, as you never really earned the business in the first place.  It was there when you arrived and therefore very little client loyalty can be expected in the first several years.  Simply inheriting or taking over a book of business garner no respect from me.  It took nearly a decade to build my branch from ZERO.  Now, I sit happily with over 100 million AUM and know that my clients, my business and my family are all the better for it. 

I just left Jones last Tuesday after only 3 months. I don’t know what I
was thinking signing up to work for Jones. I came right out of college
and didn’t know what I was getting myself into. The communication
system is still in the 80’s. They don’t even have e-mail-- it’s a wire
system that uses DOS like commands. Jones pays new IR’s $7.00 p/hr.
Doorknocking just doesn’t work anymore. Not atleast in a city the size
of Charlotte, NC. The people in St. Louis don’t tell you how many
people went to the area you are in before you got there. Every
neighborhood has been doorknocked by three or more brokers. It’s just
horrible. And all the time they give you the same old lines to try to
get you to stay so the GP’s can make a fortune off your work. Also, the
growth plan is failing miserably. By 2016 they want to have 25,000
offices. By the end of this year they want 10,000 and are about a
thousand offices behind schedule. Another problem is just their
dishonesty. I have a friend in the area who Jones owes about $2000 in
unreimbursed expenses. These expenses date back for about a month and
he is wondering if he’ll ever get his money back. What kind of company
can’t reimburse someone for a month? I could go on for hours about how
bad Jones is to work for and I was only there for a few months.



I think zacko asked about qualifying for an office. Jones expects you
after about 18 weeks to make $2,250 in net commission. After that you
qualify for an office. I don’t know how much they expect of you once
you are in an office or how long they will let you draw against the
firm before they let you go.

By the end of this year they want 10,000 and are about a thousand offices behind schedule.

Interesting.....these are the same numbers for target growth from several years ago when I was at Jones.  This tells me that they have "not" grown much since then and have actually lost more offices than they are opening up.   This does not bode well for their business model.

[quote=Ex-Joneser]

I think zacko asked about qualifying for an office. Jones expects you after about 18 weeks to make $2,250 in net commission. After that you qualify for an office. I don't know how much they expect of you once you are in an office or how long they will let you draw against the firm before they let you go.
[/quote]

Thanks. That may explain why they have so many empty offices. Most new reps can sell to there friends and family and earn $2,250 commision. But when they run out of friends and relatives they are gone and Jones has an empty office! Some one should set up a REIT for Jones Offices and collect from them!

Do they get a BOA when they get an office or how much do they need in Commision to get a BOA and does she get laid of if the rep fails? And how much do they need to bring in to keep there office profitable after that?    

I wonder how this will all play out at Jones with the new definition of a “branch office”.

I was a t Jones 3 years ago, and they were trying to hit 10,000. By the way…what’s the big race to get 25,000 offices…do they think this will give them mass exposure. If they can’t successfully staff, and profitably operate the mess they have, why would they even be talking about doubling their size. The company is a train wreck when it comes to market penetration and broker retention. (out side of podunk, and the other few areas where they “seem” to proper). It’s a shame, because they have a pretty damn good training program.

Jones trains about 2400 new guys per year and has actually lost offices....I wonder what's happening?  Could it be that Vets are leaving?  I'm guessing that the avg. years in the biz for Jones is going down.

Are you sure about those numbers, Uwec?  That’s an attrition rate on the order of 40% annually.

The lose about 1500-2000 brokers per year from a 9000 broker pool.  That's not quite 40%.  Last I recall they were hiring closer to 2000 brokers per year.  either way, that's gotta be expensive and the law of large numbers has begun to take it's toll as they cannot grow past this point without hiring 300 brokers per month.

I certainly don't care...just go indy.  Hell, I have no clue how many offices or reps RJFS has nor do I really care about that either.  I run my office (and yes it's mine) and go home when the day is done.  NO firm politics or ridiculous meetings for me.  Later....

FYI I don’t think the hiring/training rate is anywhere near where it used to be from what I hear. I would venture to guess 100/2 wks or so, which is still alot.

EDJ had about 7600 brokers when I left.  At that time, they were shooting for 10,000.  Has that changed, or have the markets put a temporary dent in the plan? 

I don't get it.....I cannot even imagine the cost of the ST. Louis training process, I know it's something like $100,000 per IR. I just don't think this is the time or environment (with competition, and the complexity of things) to be hiring school teachers, pilots and college grads into the business, and letting them run their business from a laptop at home. It's a recipe for disaster!!!! There is FAILURE written all over that process.

You can have a nicey nice web site that shows the mother of two, or the guy who left his corporate career to run the perfect little Edward Jones office. You've seen it......get up in the morning, go to your own office (this, by the way is the "Big Mac" in the glossy magazine vs. the one you actually get slopped together in the roach infested McD's we go to), read the Journal, review some portfolios, go to the infamous "chamber of commerce" luncheon. swing by to see little Johnny play soccer, finish up the day with an evening client meeting......and then yes, go home. AHhhhhhh ...........what a load of crap.

Can someone explain why folks can not get over EDJ. It is almost as if many are on a self-appointed crusade to take down the mother ship. 

I admit EDJ isn't perfect. But please tell me one that is. Merrill, Morgan Stanley, UBS, SSB. Zacko and others will say the only way is theirs (indy). I say.....Can't we all just get along...

Let go and you will be happier. 

7 Yr- none of them are perfect....for everyone. Some have a better fit, for a particular individual. I don't think many would bash the training Jones gives new brokers. It's very thorough, very well thought out, and process driven. And I think the instructors are great. And I thoroughly agree with "just in time" training. 

 I think it's when guys start to figure things out, after about 1 or 2 years, they don't like it. And, that GP group has a very elitist feel to it. I can't explain. Yea, at Merrill, most think Stan makes too much, but management operates pretty consistant with most large public companies. And just having offices with 40 -50 brokers and staff dillutes any ill feelings towards the company. (probably not for everyone, but for most)

Because of the Jones structure.........Having the GP's and politics in St. Louis vs. individual rep offices accross the country, creates a natural environment of division. You have a corporate culture Vs. entrepreneurial spirit.........and it pisses the field off. BTW.... I don't think you are going to hear many "SUPER" goodknight brokers, or guys who have the one in a hundred office that is just ideal for "Jones" business, bitch. It's mostly the hard working scratch brokers. And...I know....... the GP's in ST. Louis were all reps at one time.....it does not matter.

As far as indies....I won't pretend to know (I've only been doing this for 3 1/2 years) ......it seems like a good move for 1 of 2 groups. The guys who have earned their stripes at a bank or wire, and want to keep more of there paycheck, and just kinda want to be left alone, (but have a big enough book to bring with them, to make as much if not, more - with half the headaches). Or, a guy who is building, and has figured out a way to consistantly grow his business, and does not need anything the wires have to offer. I can't imagine indie is good for a newbie scratch broker.