Thread regarding Edward Jones layoffs

Come on guys. This is disappointing. Jet fuel is through the roof. You know who nearly made the cut at little saint james and needs your help to reach e list status

@1bg Wow! I figured we just paid a ton of money to get new FAs on board or poached them from other places. Great business model guys, bleed out a record amount of FAs then lie to us about who replaced them. I swear this place is going in the direction of enron or something.

@1bg are you serious? Nothing against the BOAs who got their 7, but I bet you anything they didn't sh!t for compensation after passing it. God this place is gross.

@15t a lot were "replaced" by counting BOA's that got licensed. When I left, they just broke up my book. It was substantial.

@15s Why am I not surprised. That article someone else posted from advisor hub said we lost over 1450 FAs last year. (A new record!) We were able to replace all them and then add more through "aggressive recruiting tactics". I'm sure this will pay off in the long run /s

That recruiting team has gone through challenges with their leadership. Their current director dresses like she’s in the Moulin Rouge, has no leadership skills, and is even more clueless in industry recruiting. She was going to be ISPd last August but was magically saved a week prior.

@rm It's a classic example of a branding fail done by countless companies. Instead of gradually pivoting and adjusting the business model to keep up with the times, we have decided to just gut the company of all talent, demoralize remaining workforce, double down on cheap labor, and forget what put us on the map as an alternative competitor to wall street. P.P is either one of the d-mbest people ever to lead a company or one if the most malicious. Maybe she hated it here for a long time and this is her way of getting back at the "old boys club".

Edward Jones will never succeed in hiring experienced FAs. It's not their bread and butter. There's just too much of a gap with other options. Edward Jones seems to be forgetting their ways and where they came from.

Edward Jones confirms outsourcing support to India as home-office staff declines - InvestmentNews https://share.google/8NIdLkAdA0WISuAcd...This article from march shows we had 35% increase in FA's walking out the door (1400+) and we somehow are up 1.5% ytd. So we had to hire on 1500 ish new FAs to fill that giant hole. EDJ could not be picky with who the hired.

@k7, I give it 6 months to fall apart.

@jc Why do get the vibe that this place is being build on a house of cards that is giving the illusion of being a "solid healthy growth firm"? When really we are just moving stuff around on paper as quickly as possible to keep the illusion going a little longer before it all falls apart. *Circus music intensifies

This is a real problem. There was an idea that EJ could compete for experienced FA’s and clearly that is failing to materialize…

There is no way in most markets that any truly successful FA would affiliate with this firm. But since experienced hires are on the “scorecard”, at least the ELT can turn that metric green by hiring in mouth breathers to meet the goal!

I speak to FAs all day. It seems they are hiring ANYONE, people with zero personality, energy, a lot seem to be unable to breath through their nose or hold a phone in the right place. It is hard to fathom people they meet will want them to manage their investments.
Experienced FAs new to the firm often have an employment record that bounces from firm to firm each with no more than a two year tenure. People who will not earn their keep. Broker Check reports are great to see this.
It makes no sense as these are frontline representatives of the firm are a a financial liability and likely a financial loss by the time they leave.

@OP I went independent a little more than a year ago. I get MG for a small fee- and I have more bells and whistles than EJ let's you guys use. My payout is more than double what EJ pays. At retirement, my book value should be about 5 times what EJ pays to transition at retirement. Who wants to give that up? all I can figure (after meeting a few transitioned vets) is that 1)EJ thinks they're on the same ballfield as the independent channel (they aren't), and 2) some GP decided it's cheaper than training new guys. the current track of hiring veteran FAs isn't going to work as intended. if they have talent, they'll go independent. if they struggle they'll go for EJs guaranteed payout/Goodnight plan.

Honestly, if you were a good experienced financial advisor with an established book of business, why would you come to Edward jones.

If you were a graduating finance major that had your pick of firms to choose from, why would you come to Edward Jones?

Might be different if ELT wasn't turning this firm into the laughing stock of the financial services industry.