I strongly suggest everyone should read the current partnership agreement. You might find it does not really say what we’ve been told it says.
14 replies (most recent on top)
@OP say more. What do you see in the partnership documents that concerns you?
@h4 I'll never forget frank slipping up in that townhall last year saying that we will never go public, then 8 seconds later saying LPL looked at us and said no. We were all looking at each other like WTF??? Then frank was "retired" like 2 weeks later lol
@gk It would be. EJ is a profit machine that US Bank, Capital One, PNC, Fifth Third, Truist, etc. would love to own and tell their shareholders they're purchasing. Almost no one on ELT would cash out with less than high 8 to 9 figures.
It would have to be one he-l of a payday for PP, the ELT, and GPs to take this thing public or merge with a public company. The only reason they have jobs is because there are no shareholders to answer to. If PP and her cronies had to answer to shareholders for the failed Project 2030, their as--s would be kicked to the curb.
@af What are the exceptions? This goes back to an earlier comment about the intent of the post. What exactly is meant to stand out?
@bb you are probably 99% spot on. Anyone with 5 min of business experience can see through all their BS talking points and can see the long term plan is not one that is going to end well for us worker bees. The GPs and their entitlement mentality of "I get mine, sc--w you!" out in full force. They really do see themselves as "Lords" over us "Peasants"...Don't believe me, ask one of them in the next meeting what they think about work life balance being altered with RTO then ask them what is more important, bodies in the building getting work done, or bodies at home getting the same work done with happier families. Bottom line, their is a quit civil war going on in this place and people better start paying attention to which side their leader is on.
Firm leadership knows our growth is stalling out. Just look at their made up ambitious net new assets and FA growth numbers.... and how far we are falling short. With the top line slowing and the bottom line increasing (operating expenses, etc.), ER was an attempt to slow the squeeze on profit margins, plain and simple.
They can only slow the squeeze so much before they need a long-term solution. The long-term solution is to make the firm look as healthy as possible, sell/merge before anything goes sideways, take their money and run. Bad leaders that don't have original ideas or creative solutions pass the buck and these are bad, greedy, narcissistic, self-absorbed leaders. "Leaders" who don't want to see their larger than life distributions and lifestyles dwindle over the next 5-10 years. Their 2030 ambition is likely to cash out and leave everyone else holding the broken pieces.
This is of course isn't a guarantee, but has this current firm leadership shown any of signs that it isn't a real possibility? I would encourage everyone to protect yourselves. Come up with a 5 year plan for yourself in the event this happens. It might not, but don't find yourself without a lifeline if it does.
@a6 Edward Jones is the one stirring the pot by these changes.
@b1 Do not believe your lying eyes! "Comformance over Performance" is the new slogan here at Enterprise Unimaginable.
@a6 "Please don't question things or do your own research. If our corporate overlords want us to have thoughts they will give them to us!"
@a6 to bring to light that what we are being led to believe is not the entire truth of the new changes to the agreement.
@a7 the exceptions to the new GP vote
What troubling passage concerns you?
Honest question: what’s the goal of this post, aside from stirring the pot?