Jones Pays
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No problem. I was being sarcastic with my applauds. Sorry you do not feel welcome at Jones. It is a great firm if it is for you.
Catone--
It is nothing short of "manly" for you to come in here, reveal your true identity, and set the record straight. I commend you. You are nothing short of 110% stand-up. I admit to being a frequent critic of those who inherited or took over assets. As a new/new Jones IR who started near the peak of the market, I got tired of the endless comparisons of my production versus those who started with, 15, 25, 45, 60, 75, and 115 million dollars of assets. If I had viewed anyone of them as being more intelligent, harder working, or more talented than myself, then maybe I could have accepted it on some level. However, in each of the cases I mentioned, the "gifted" IR never spent 1 day doing the business building that you mentioned in your post. All started from Day 1 with a considerable book of business. Each one of them had average to below average talent compared with the hundreds of other Jones brokers that I met while training, or on Diversification Trips. (None of them would have been capable of writing the quality of post that you did. Words with more than four letters would have been a stretch on their spelling talents.) And, each one of them was the first to throw stones when another new/new IR came out of the gates struggling. However, would any of them offer to help? Never. Yours truly and other new/news were pushed into service to train, mentor, coach, and support the many IRs who had the misfortune of coming into a bear market. Where were the "silver spooners"? In their nicely furnished glass houses, luxury automobiles in the driveway, bonus checks in hand, throwing their rocks. It is still probably the most disingenuous, phony, unfair, and ridiculous thing I have ever seen go on in any large company. Best of luck to you in your career and future endeavors.
for me? i do not want to reveal myself. however, i bet i have recruited more than almost anyone who reads these posts as well as being profitable for more than 80 months (missed 2000 lp offering due to service requirement), mentoring 5 people and having a role in my region yet still not being an lp (in the lp pool...great deal no money down, yeah right.) i think i owe it to myself and my family to be informed (as do you) and if people want to look at what i do an put an asterisk next to it because i was not new/new at jones that is their folly. i realize jones is a fine firm but people leave and that does not make them bad, unethical or losers.
FB,
Well done on the post...you are a brave man to give up your true identity...I hope you don't regret it later...
That said, although I don't work for EJ, much of what you post has a ring of familiarity about it. When our brokers leave, we get the same line of corporate crap about how poorly they are doing, how ungrateful and deceitful they were/are, and how we would be fools to do the same.
Unfortunately or fortunately, depending on your angle, many of us are talking to our former mates and waking up to the facts, which are in stark contrast to the company propaganda. When one of our guys leaves, the company makes a good show about taking the defector to the legal woodshed, which is designed to make the rest of us tremble in our wingtips. In reality, unless the departing advisor does something stupid like sending out blatant solicit letters, the legal wrangling usually only slows up the ACATs temporarily.
Many employee advisors eventually get sick of being owned by their firms. Freedom, and not money then becomes the primary motivator. Assuming the departing advisor has been in place a sufficient amount of time to solidify relationships, most clients don't like the idea of being held hostage either and they bolt with their trusted advisor.
The bottom line is, with the exception of advisors that are relatively new to the business, I don't buy into the corporate line that clients are loyal to the company and attracted to the company name. I've worked with some fairly obscure names and managed to build a very respectable business. There is no doubt in my mind that my clients don't really care about what name I worked for at this point in my career, and that's the point where going indy looks attractive.
Ride on, cowboy...
FB,
Well said...........It is really amazing that the same thing you got criticized for, Edward Jones does every day when a top producer leaves, they bring in one or two IR's to try and save the business for the FIRM, Never mind that the IR that left built that business by himself, but yet the FIRM has no regard for that at all..............So why should any IR leaving feel bad about taking what they are entitled too?
I am trying to get a 100K from some of these Jones Drones like Bill F-UP and will identify myself if they have the balls to take the bet. All they can do is criticize Reps like you and me that had the good sense to leave a sinking ship.....................
I do not remember you, however several of the IR's you mentioned I was on Jones Trips with, and or Home office visits.....I hope the three of you kick ass...............
Dan,
Taking over an office with existing assets no matter how you position it does not garner any respect. Sorry man, but that's a fact. Building client relationships to a level where the clients determine that they are better off with YOU than with the next Jones guy...does. In fact, that's what being in this business is all about. I have always said the clients belong to no one. They will ultimately go where they feel most comfortable. And just for the record...I hope you take every asset you want.
You will love being indy for so many reasons. Best of luck!
skol,
Why on earth are you still there?
Guest1,
You just THINK it's a great firm. I guess if your waist deep in deferred comp and you have already made the decision your going to stay because you have ignored some of the facts--it HAS to be a great firm for you doesn't it?
Why on earth would anyone with half a brain pour his heart out on a stupid message board like this. You have just confirmed my first impression of you and the two other hacks you work with....namely, that you are insecure about where you are in the business and have no clue what it means to actually "build" a buisiness. Inheriting 45 mill? A monkey could do 350,000 with 45 million in assets. I feel so badly about the 3 of you being a whole mile apart....I hope takes the message on page 64 and uses it against you in court. Anyone stupid enough to "set the record straight " on this lame forum deserves exactly what he gets. Those of in Seg 5 (yeah, its true) who start from scratch have zero respect for you ...none.
Bill,
Your defense of Jones is admirable considering how you are continually exploited by them. But that's ok if you still haven't figured it out--and you may never--which is fine too. But your loyalty to Jones is surely not appreciated by them. Sooner (but probably later) you will learn that I am right.
I wish these guys well because they have families to support and are trying to do the right thing for them and their clients. If they are sooooooooo bad, than why will any clients go with them? Client's loyalty cannot be bought--only earned Bill. If they earned it--than they deserve the business they receive. End of Story.
What is your wife going to say when you drop dead of a heart attack (not wishing that--only hypothetical) and your business goes back to Jones and she receives zero compensation? It is also at the managing partner's discretion (whomever that is at the time) if she even gets to keep any LP that you may have. Who knows? Maybe, your book will be inherited by someone someday who will later go indy afterall like Catone did! Like it or not YOU have no control over the valuable business you have built. Your employee relationship can be terminated by Jones at any time. In the long run, Catone & Co will be better off and will know precisley where they stand. You on your present course however, will not.
[quote=fenderbroker]
Good luck to you. Dan
[/quote]
Thanks. And good luck to you too, Fenderbroker.
Is there still a lawsuit pending in the state of CA from the Attorney General's office?
IGNORANCE -
According to Webster's dictionary:
1. Without education or knowledge.
2. Exhibiting lack of education or knowledge.
3. Unaware or uninformed.
As a former Jones broker I at one time fit this definition to a tee. I was the Jones guy defending the firm, taking up for the partners, and basically trying to convince myself I worked for the best company in the world. Then one day I wised up and went to greener pastures, not because of upfront money, but because I truly believed my clients would be better served at another firm. I was right.
Now I look back at this board and laugh becuase like Guest 1 I did not know what else was out there. I simply looked at my small little vanilla and chocolate ice cream stand and thought everyone in the world needed this and if they needed some real creativity they could have swirl. I left and went to Baskin Robbins where I have 31+ favors and have everything my clients need. You see I never looked across the street at the Baskin Robbins I just listened to Jones when they said those other flavors are sinful and we should stay away because they were bad for clients. In fact I like many on this board put down the other options like Baskin Robbins because Joens had me brainwashed thinking I coulod be all things to all people. I did not know any better. I thought everyone needed that chocolate or vanilla cone.
I WAS IGNORANT!!!!!
So now I find it amusing because us ex Jones brokers who do have experience with at least two firms can say we are not acting in ignorance because we are informed and educated on the subjects we are talking about. Those of you who know Jones and nothing else need to do some real homework, but make sure the professor is not Mr Hill or Mr Bachmann.
When a broker goes out and leaves the firm most of you Jones guys just criticize them when infact I am sure most of you at one time thought about changing yourself, but did not have the guts to make the move. I applaud there true "entrepreneurism". Trust me you think you have it at Jones, but you really don't.
Before you guys start criticizing these brokers first look at the definition of ignorance, you truly do not know the opportunity out there, but the guys who left "DO KNOW" the situation you are in.
Success is when you just smile :)
[quote=Bill Fakkland]
Why on earth would anyone with half a brain pour his heart out on a stupid message board like this. You have just confirmed my first impression of you and the two other hacks you work with…namely, that you are insecure about where you are in the business and have no clue what it means to actually “build” a business. Inheriting 45 mill? A monkey could do 350,000 with 45 million in assets. I feel so badly about the 3 of you being a whole mile apart…I hope takes the message on page 64 and uses it against you in court. Anyone stupid enough to "set the record straight " on this lame forum deserves exactly what he gets. Those of in Seg 5 (yeah, its true) who start from scratch have zero respect for you …none.
[/quote]
Bill F-UP,
Look at you so bitter ! Bill you are just a whore selling your sugar daddy’s business, and when you get old, he will kick you out on your Head, but since you already have brain damage it won’t matter… by the way have you raised the 100K yet ?
Everyone on here knows what a p^ssy you are…all hate talk no show Try playing with the PLAYER and you will loose every time…Put your money up…Bill F-UP… or shut-up
Bill F-up you slammed me, and I say you are a liar, so take my bet and let’s see you for the liar you really are?
You shouldn’t be so envious of someone who leaves to better his own situation for his family and his future, at least he now owns his own business, and you never will…Bill F-UP get a life…
Uptick, I have been to Florida, I have been to San Diego, next month N. Carolina. So I have done my homework. Thanks for the definition though.