For decades, Edward Jones’ home office compensation and benefits have been well below average. 20% below-market salaries and bonuses; terrible health benefits; stingy PTO; a pathetic $500 401(k) match. Although there’s a heavily-trod path of young people passing through for a couple years just to get licensed before departing to greener pastures, the firm’s always managed to keep enough people aboard with stability, work/life balance, and other pleasantries. Now that the niceties have been dispensed with, and there’s creepy, grubby tinkering with partnership stakes, what’s left to attract and retain talent? Food days, balloons, accolades scrawled on construction paper with gold star stickers, and the other dog and pony show fluff don’t cut it. FAs and their clients, not to mention the rest of the world at large, are trading in money, not fairy dust. Management shouldn’t be surprised when existing and prospective home office talent turns out to be the same way.
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I left and received a $50,000 increase in salary plus the upside on variable is significant. This is not the norm and I’m not gloating. I’d advise everyone who wants a career path going forward to start your networking and interview prep now and expect a New Year’s gift of peace of mind, better work life balance, and, hopefully, being paid fair value for what I bring along with my responsibilities.
Spot on. For years, the unwritten contract was simple: you took a lower paycheck and subpar benefits in exchange for stability, manageable hours, and a culture that didn't feel completely ruthless. Once management starts squeezing the culture, tightening the sc--ws, and tinkering with the carrot at the end of the stick (the partnership), that implicit deal completely falls apart.
At this point, the illusion is gone, and the reality of the situation is pretty stark. There are really only two moves on the board:
Tread water and suffer the slow burn: Stay for the remaining paycheck, accept that the "fluff" is all management has left to offer, and do the bare minimum required while watching morale continue to drop.
Get your exit strategy ready: Quietly update the resume, build up your network, and join the line of people heading for the door the second a reasonable offer comes along.
The folks leaving didn't necessarily get "lucky”, they just recognized that the math no longer added up and started applying. Gold stars don't pay the mortgage, and until leadership realizes that loyalty is a transaction, the brain drain is only going to accelerate- but at least you’re getting paid. I’ve def witnessed people doing the bare minimum, and have been for awhile, without any repercussions… it must be hard to be fired from EDJ.
@a4 The CULTure here was always good at keeping the kool aid flowing and keeping a decent amount of loyal people here. The absolute mo--ns of ELT decided that ki-ling the golden goose for a short term sugar high was the best way to start doubling AUM (a lofty goal pushed by DC). This place is an absolute circus with a dozen insane clowns running the show.
Left recently for a job at a large competitor across town. It’s no paradise over here but I was gobsmacked when I realized how underpaid I was. Administrative assistants here, and apparently everywhere, make more than middle managers at EJ. You start at just under 4 weeks of PTO. Good health benefits. 6% 401k match AND bonuses AND profit sharing AND equity AND commuter benefits AND free online trades and I could go on and on.