Thread regarding Edward Jones layoffs

@a7 Your compensation will NOT go up. You can bet on that.

Jones pays low compared to the industry if you're not a GP. The bonuses are laughable by most standards. The only thing people care about was job security. Without that if they don't do better compensation wise any associate with any talent will be gone in 2 years anyway. The GP's aren't going to shorten their pockets to put more money in the associate's so keep dreaming if you think this will change.

@a7 they will continue to pay us pennies on the dollar because the job market su-ks and they know we have nowhere to go.

@bj 100% agree. I think what people are afraid of is that we keep bringing in parasites from the outside that probably want that payday.

@bh while all what you said is true. I think by generational wealth, OP meant the dollar value of their general partnership, not that it can be passed on to hiers. I've seen some worth $25 to $45million. That can be defined as generational wealth. I saw a former top GP get a $30million cash payout to their EJ account after retiring a few years ago. Disclaimer: I wasn't snooping around. The account kept up as part of work.

@OP Not sure why you think this is shady. Edward Jones is one of the last remaining partnerships. All the major financial firms used to be partnerships, but eventually the partners wanted an even bigger payday and the company went public. Personally, I’d rather work for and be in a partnership that isn’t subject to the short term whims of the public market.

The Edward Jones partnership does not necessarily create generational wealth. Partnership can not be transferred or left in a trust or estate. When a partner dies, the firm buys the partnership back at book value. Furthermore, General Partners have to retire at 65 and they receive a different type of partnership (Subordinated Limited Partnership) when they retire. Higher payout than LP, but no personal obligation for firm debts at that point.

@a7 we have always been underpaid historically compared to peers. The only reason employee satisfaction was kept high was because of job security compared with peers.

@a7 Would be true if not such a bad job market out there.

I don’t fault our executives for making great money. I’m glad to work in a place where those types of opportunities exist. I do fault them for the mismanagement that led us to this point. The good news is that everyone’s comp is going to go up. It has to. No one in their right mind would work at a shrinking firm with poor leadership and toxic corporate culture unless they’re paying well above market rate.