Edward Jones - California Law Suit

hey where all the kool-aidaholics in supporting their "pusher"?

Let's see they lost the appeal to would have allowed dougie to stay on and now they've lost twice to have the California lawsuit dropped that I recall some kool-aidaholic announce would be dropped, but that was almost two years ago.  Yes, the wheels of justice turn slowly,  unfortunatly they seem to be grinding up on on ej.

I can hear it now… “We didn’t do anything different than anyone else did. They’re just picking on us because we are so successful.” “We are the most ethical firm on Wall Street.” “We treat our clients better than anyone else.”  Did I miss anything? No reason now for the chuggers to respond.

You did miss one thing.

"They are the best darn salesforce in the world"

Someone help me understand this lunacy at Edward Jones. I thought under blue skies law the state has the right to seek judgement in this area. Obviously someone at Edward Jones acknowledges this fact or they wouldn’t have settled with Maine. So why are they fighting CA on this issue and waisting time in the appellate court instead of getting ready for trial?

How do the clones justify settling with Maine but saying Calif has no case beacuse the federal settlement covers the individual states?  They should fire their attny's and have the best salesforce in the world make their case to the courts in California.  Just show the judge an ICA mountian chart and tell him all he needs is a growth and income mutual fund to solve all his problems.   Maybe then the poor IR's could get their long awaited LP. 

Too much uncertainty folks, just too much uncertainty to raise capital right now. Yeah right!

How much do you think Bear Stearns will have to pay since their settlement was so much higher than EJs?



Joedog

[quote=advisor1]Someone help me understand this lunacy at Edward Jones. I thought under blue skies law the state has the right to seek judgement in this area. Obviously someone at Edward Jones acknowledges this fact or they wouldn't have settled with Maine. So why are they fighting CA on this issue and waisting time in the appellate court instead of getting ready for trial? [/quote]

The reason EDJ does not want to settle with California is pretty simple.  Maine is a small state.  1 in every 7 Americans lives in California.  The settlement with California, if one is ever reached, is going to be one gigantic pile of jack.

joedog,

Good defense, deflect the issue and bring up another firm.

You really are like children, "sure I pushed Sally down but Billy Stearns punched Bobby so he is a badder boy than me." 

Typical.  There's no one here defending Bear Stearns...if you don't have anything intelligent to add, go take another swig from the Kool-Aid still.

See Noggin and tjc if you want to figure out how to defend your firm with a little class instead of just sounding like an idiot.

Upton Sinclair can sum up the Jones clowns:

"It is difficult to get a man to understand something when his paycheck depends on his not understanding it!"

[quote=compliancejerk]

joedog,

Good defense, deflect the issue and bring up another firm.

You really are like children, “sure I pushed Sally down but Billy Stearns punched Bobby so he is a badder boy than me.”

What happen to old Doug "3 Mil" Hill?  I heard he was trying to get back incharge...........He could show CA something..........It's called cash to stay out of jail..........

JoeDog , lighten-up a bit...........we all know EDJ isn't alone, but the other Firms all seem to admit when they get caught they did something wrong. 

Edward Jones never has nor will they ever, that is the difference the arrogance of Drones and Clones we never did anything wrong....................

Player, right on, what Edward Jones doesn’t yet realize that their arrogance is costing them more than fees to some useless attorney that thinks they can win in the appellate court. Most good companies when faced with this dilemma similar to Jones would capitulate and settle. The true cost of their arrogance is the loss of IR’s, closing of offices and keeping non-IR offices open. Eventually, Lance is right it is the capital.

Hey Drones and Clones,

What are the numbers of IR's at Edward Jones? 

Why have so many left?      

What's with all the vacant offices?

Is it true Doug "3 Mil" Hill wants to come back?

Is it true when a new IR takes over an open office because a vet left, they are allowed by compliance to churn and burn and encouraged to do so?

Or better yet…just lie about the departed rep and his/her new firm. I heard a good one the other day…rep that took over a departed jones office was telling the clients that if they moved their accts to the new firm, the new firm would “take 2% right off the top” of their accts. I assume the idiot that made that statement was alluding to the fact that the departed’s new firm offered mgd. accts. and “you know they charge LOTS of $$ for those”. What a bunch of fools/idiots/liars!

Revealer, fools, probably. idiots, many. liars = complete ignorance. Many simply are so green (not green in reference to production) that they simply do not understand the business. The travesty is they think they do and their answers are just buy g&i mutual funds. During an audit I literally had a field supervision director say I don’t know why you are buying all thes different funds when over time a good growth and income fund will get the job done. That was ‘02’ I am guessing those clients who own mid cap, small cap and emerging mkts. are a little happier than just owning a good g&i fund. Ignorance or arrogance not sure but when you have both it can be dangerous.

Player, yes it's true New IR's are encouraged by mentors, DL's, TL's, regional leaders and senior vets to "churn & burn" assets taken over in an existing ofc. My RR and I took over an existing ofc in '99 with about $3 mil in assets and were told to "hit the phone and start dialing for dollars" (which was their loose translation for meet all your existing clients, and introduce yourself as their new rep).

Thankfully seven years later, we escaped the Jonestown compound and are living and working INDEPENDANTLY!

Revealer that was very believable. I had similiar lies told to my clients when I left.  Thankfully, most of my top clients talked to me to find out what the truth was and they followed me.  Including a 10+ million dollar client that I took from the trust department.  What a low class creepy organization they were to work for.

Good to hear it worked out well in the end for you and your IR Devoted SA.  

[quote=Lance Legstrong]

Upton Sinclair can sum up the Jones clowns:

"It is difficult to get a man to understand something when his paycheck depends on his not understanding it!"

It has been a year since I have looked at this site and the children are still at it.  Including Player (he never meet an Emoticon he didn't use) and (never told a lie he wouldn't defend until the end).

Yo Player, how is that fuzzy math, you tool.

[quote=Devoted SA]

Player, yes it's true New IR's are encouraged by mentors, DL's, TL's, regional leaders and senior vets to "churn & burn" assets taken over in an existing ofc. My RR and I took over an existing ofc in '99 with about $3 mil in assets and were told to "hit the phone and start dialing for dollars" (which was their loose translation for meet all your existing clients, and introduce yourself as their new rep).

Thankfully seven years later, we escaped the Jonestown compound and are living and working INDEPENDANTLY!

[/quote]

Maybe you don't have time to learn spelling, but independently is spelled this way. How is meeting existing clients and introducing yourself as the new rep "churning & burning"???

How is meeting existing clients and introducing yourself as the new rep "churning & burning"???

Its not. 

But unfortunately that isn't what usually happens when an IR jumps from the mother ship. What IS churning and burning is when the replacement IR and the transitional guy in StL calls the clients and badgers them into selling perfectly good investments for no good reason other than to make money for the new guys.  What is also unethical is to tell lies and spread innuendos about the outgoing IR. Casting doubt on the honesty, integrity and credibility so they can make movements in the portfolios.

If you don't think this is S.O.P., you have your head where the sun don't shine.   I wasn't gone from my office for less than a few hours when they started calling.  I had clients calling me at my home complaining about the aggressive phone calls and begging to transfer out of Jones just so they would leave them alone.  They actually did me a big favor by being so patently greedy.

Babbling- I don’t have any personal experience to judge on as you do. I certainly take at face value the validity of your experience. I do think that with a TR that could happen but with a replacement IR one would hope that they are trying to build a business not twist and churn client’s accounts.

noggin,

I was a TL in FS. Whatever babbling looney, zaco, lance, iluminati has stated I've witnessed. TR's get a piece of the action until the new IR comes in.....you figure it out

Compliancejerk & Babbling- Thanks for your inputs. I appreciate it.

It absolutely amazes me when somebody leaves a firm and is supprised by the tactics the firm takes to keep its clients.  When you work for a corporation/firm they own the rights to your sweat and effort.  Just ask Stan Lee why his royalty checks for creating Spiderman have totaled $0. 

We all sign the non-compete agreement, and then go against it in the first 30 seconds after you get out the door.  If you wonder why your firm calls you a liar and untrustworthy, it's because in their eyes you are.

I'm not calling you a liar or untrustworthy, but please don't cry about it when your firm does.  It's just the natural course from your choice.  They are just trying to keep their clients they paid you all of those commission checks to get.

PS. I haven't had any Kool-aid this weekend.  So don't blame this post on it.  My fresh batch of Kool-aid is sitting in the fridge wainting for Monday morning.

I'm not calling you a liar or untrustworthy, but please don't cry about it when your firm does.  It's just the natural course from your choice.  They are just trying to keep their clients they paid you all of those commission checks to get.

Bull pucky. Of course you are calling me a liar and untrustworthy.  I don't care.  How does that justify churning and burning in client's accounts just because I got fed up with the lies and manipulation of Edward Jones and left for greener $$$$$ pastures?  It doesn't.  Whatever you think of the leaving reps, there is no justification for treating the clients in the unscrupulous way that Jones does when the IRs leave. 

By the way you should let that Kool-aid warm up before your weekly enema.

[quote=babbling looney]By the way you should let that Kool-aid warm up before your weekly enema.[/quote]

 ...if only KAL realized how silly he/she sounded...

I drink my Kool-aid the normal way, I don’t think it would have the same effect going in through out door…Buuurrrp!

[quote=babbling looney]

What is also unethical is to tell lies and spread innuendos about the outgoing IR. Casting doubt on the honesty, integrity and credibility so they can make movements in the portfolios.

If you don’t think this is S.O.P., you have your head where the sun don’t shine. I wasn’t gone from my office for less than a few hours when they started calling.

How do the clones justify settling with Maine but saying Calif has no case beacuse the federal settlement covers the individual states? They should fire their attny’s and have the best salesforce in the world make their case to the courts in California.

It’s about the dollars moron. Maine settled for $250k. You’d spend more than that defending it in court. Eliott Spitzer wannabe in Calif wanted in the neighborhood of $40 Mil. Extortion. Judge saw it for what it was and threw it out. That’s why they defended it. Keep wasting your time whining about jones instead of building your business. The new jones guy knocking in your neighborhood appreciates it.

Hulk,

How long have you been in the business 1 or 2 years.  From your zealous love for mother Jones I would guess 18mos... Am I close???  I could care less what happens in CA, unless of course it exposes more of the hypocrisy at the cult of Jones.  I think the damage to Jones has been done.  I predict that in 5 years Jones will have about 20preferred fund families with lower rev sharing payments that reflect the diluted influence jones has over the ir's.  You already have non-pref'ds at regional mtgs and a disclosure to hand out that makes you look like an idiot.  Keep doorknocking.  You'll be glad you did in 5 more years when you pull you head out and leave.

IH are you getting your material from funny man bill fakland? The reason I ask is because you really are funny because I actually think you beileve what you post.

There is a big difference as to what's said by the TR "team" in stl and what the tr says out in the field. Were you ever out in the field as a TR?  How big of a book were you given for doing a good job in stl? the way everything is run at your "regional firm" there you'd think you're working at a financial MacDonald's or Wal-Mart, sure they've served billions but try to live 24/7 on micky d food and look what happens to you (there was some film done about that).  Sure Wal-Mart is good for a wide selection of items, but what happens when you wish to buy a cd put out by Deutsche Grammophon or a Hapsel suit you have to pay a little more for better quality.

As for drinking, some rl's are able to put it back and then there are some that seem as if that's all they do, so yes it is possible.  Still have seen proof of case being thrown out by Judge McMaster - FYI do your research on him and you'll see that a number of attempts have been made to have him removed from the bench (by both sides of the "floor") and as this "Spitzer wannabe" is like a dog with a bone, you may wish to wait for his appeal.

exdrone is correct - the shine is off your firm. ej is no worse than the rest, and it definately is NOT any better either and that's what this really about.  time for your firm to stop that part of the kool-aid plan.

Anyone see the Reg Rep cover story about ole EJ?  It’s available on this very site.

[quote=noggin][quote=Devoted SA]

Player, yes it's true New IR's are encouraged by mentors, DL's, TL's, regional leaders and senior vets to "churn & burn" assets taken over in an existing ofc. My RR and I took over an existing ofc in '99 with about $3 mil in assets and were told to "hit the phone and start dialing for dollars" (which was their loose translation for meet all your existing clients, and introduce yourself as their new rep).

Thankfully seven years later, we escaped the Jonestown compound and are living and working INDEPENDANTLY!

[/quote]

Maybe you don't have time to learn spelling, but independently is spelled this way. How is meeting existing clients and introducing yourself as the new rep "churning & burning"???

[/quote]

Noggin....Yes it's true, I confess I've been busy, transferring assets from Jones to our new office.  If you listen closely you might hear the sniffling from the three worthless IRs they handed our assets to.

Don't you try to tell me there hasn't been a time EVER in your career with Jones you've been a few points short for a div-trip and you looked over every account, for every angle to make sure you qualify for the next trip. And don't tell me you haven't seen your fellow IRs, at one point in time do the same thing.

OH, BTW I'll "learn" to spell. You, on the other hand will still be living in the dark and running on that hampster wheel to make your measly 60% a month, while lining the pockets of the jeeps!

Nicole, sweetheart. Thanks for updating every single thread on this message board about the California deal. As you well know, we are all waiting on pins and needles for the final resolution to this matter. I have personally been consuming mason jars of Vodka in huge quantities due to incredible stress this looming judgement is placing on me, my family and my business. In fact, just a few minutes ago, I attempted suicide by ramming my head repeatedly with my computer monitor. It didn't work because of the soft, squishy nature of the screen and all I got was a mild headache, which was easily relieved by ingesting crack coccaine, which was provided to me by the Dentist next door. Yes, Nicole, we are all very worried and we wait eagerly for every bit of news that you so ably and consistently provide. I wish I could have had an excellent BOA like you who stands at the ready to inform and report, rather than actually doing work.

 Bill, you’re funny, even with the Kool-Aid addiction…

Keep on running on that hamster wheel Bill. You might get thrown a few pellets from the GP’s.

Oh, and another thing…you do know I don’t count as one of your 25 contacts for the day right?

Oh Nicole, how funny. you and I both know that it’s 25 REAL contacts a day. Former loser BOA’s making 25,000 a year who are no the internet all day don’t count. Even Edward Jones wouldn’t take you as a client, dear. Keep filing those nails!

[quote=Cowboy93]Anyone see the Reg Rep cover story about ole EJ?  It's available on this very site.[/quote]

Great article.  Could someone tell me the first time Jones said they were going to have email in every branch within a year.  They were saying it when I started about seven years ago. 

And what is Jones financial planning software going to look like...that could get humerous.  Most of the reps in my old region could not understatnd a monte carlo scentario let alone explain it to a client.  Anyway, good to see Weddle talk about making some real changes......yea right.

[quote=Bill Fakkland]Oh Nicole, how funny. you and I both know that it's 25 REAL contacts a day. Former loser BOA's making 25,000 a year who are no the internet all day don't count. Even Edward Jones wouldn't take you as a client, dear. Keep filing those nails![/quote]

Typical Jones paternalistic condescending bs answer.

[quote=Devoted SA] [quote=noggin][quote=Devoted SA]

. You, on the other hand will still be living in the dark and running on that hampster wheel to make your measly 60% a month, while lining the pockets of the jeeps!

[quote=exdrone]

Hulk,

How long have you been in the business 1 or 2 years. From your zealous love for mother Jones I would guess 18mos… Am I close??? QUOTE]

Not that I need to justify myself to crybaby, but 5 yrs los and long enough to listen to the bs from 3 bms.

[quote=Bill Fakkland]Oh Nicole, how funny. you and I both know that it's 25 REAL contacts a day. Former loser BOA's making 25,000 a year who are no the internet all day don't count. Even Edward Jones wouldn't take you as a client, dear. Keep filing those nails![/quote]

You sure do seem to spend an awful lot of time on the internet Bill. You must have alot of time on YOUR hands. Are you sure you can't squeeze a few more bucks out of Grandma's portfolio? Come on now, type INV,NEWIR and see what you can find in inventory.

[quote=Incredible Hulk] [quote=Devoted SA] [quote=noggin][quote=Devoted SA]

. You, on the other hand will still be living in the dark and running on that hampster wheel to make your measly 60% a month, while lining the pockets of the jeeps!

[/quote]

Darling, it's 39%, but my 39% is considerably more than your 25 grand a year. Go back to the nails and keep working on that GED[/quote]

Babe, your 39% a year couldn't afford me on your best day, in your wildest dreams. It takes me 20 mins to do what it takes some BOAs all day.

 I'm glad you are so eager to earn 39% of what you make every year, AND volunteer every spare minute you have to some fledgling drone who ISN'T going to make it, AND recruit every has-been you can scrounge up to apply at Jones, so you can get one point towards your next vacation.

Oh....I've got to go it's time for my next coffee break, if I hurry I'll have time to file my nails too. 

Nicole,

Where were you when I was looking for a boa????

[quote=Devoted SA] [quote=noggin

Darling, it’s 39%, but my 39% is considerably more than your 25 grand a year. Go back to the nails and keep working on that GED

Again the hypocrisy of the Jones mind set.  The mantra is that the BOA is an equal partner in the business, can't get along without her but the true colors come out here.  They really think the BOA (and female IRs) are second class citizens, glorified secretaries and dim bulbs who spend all day filing their nails.  Sure, they (Jones) give good lip service to "diversity"  but in practice these guys revert to name calling and belittling anyone who isn't WASP male and who challenges their tiny world view.

They are incredible throwbacks to the 1930's when the little woman had her place at home and people of color knew how to toe the line.  They are dicks.  At least Dirk, who is also one, is an honest one.  He admits it and is not ashamed to be a prick of gargantuan size (living up to his screen name )  That's Ok. I'd rather deal with an honest person than someone who is a hypocrite.    I'd also rather deal with someone who isn't so deluded by the company line that they can't discuss or accept criticism in a rational way. 

Every day I thank my self for kicking Jones to the curb. 

Good comeback, Nicole and Dime. Most thinking people know how infrequently I actually post on here. I reserve my comments for the really, really stupid people...a select group of which you can lay claim to being the most worthy member to date. In fact, the idea of a lowly assistant posting on what is supposed to be a broker forum strikes me as rather odd. Maybe you should try posting comments on www.icantgetanactualsalesjob.com . As far as newir inventory goes, I'll take a peek forthwith and see what is available. In the meanwhile, do us all a favor and find another place to waste your boss's time.

"Lowly assistant"   Well that's a real nice thing to say Bill but it is the typical IR mindset.  My thoughts are that I will bet she knows more about investment products than you do since she works in an environment that permits intelligent and thoughtful investment advice.  She works with investments that you cant even offer. 

You also have too big of an ego to admit the realities of your work place.  How sad for you.  Poor Bill. 

200 new IRs a month!  Wow, and even at that they can't grow the work force!  The chickens are coming home to roost and I'm loving it.

In all fairness, Bill does not post too often on the board.  It comes and goes in spurts.

And I know a number of reps that would love to have an assistant  full of piss and vinegar like Nicole.

Would you be happier if I leveled the playing field by saying “lowly Malcolm”? You guys are so picky sometimes. One last thing…I don’t have an assistant. My BOA made over 15,000 just in bonus money last year alone. I call Nicole what she calls herself…an assistant. I think the “lowly” part was just a lucky guess.

Wow that’s great bonus money.  Sounds like your doing well and I respect that.  EDJ is good for serving a certain type of customer and I don’t see anything wrong with that.  Also, I dont care what you call me so feel free.   I’d still bet she has a better understanding of various investment options than you do though.  But who really cares.  I enjoy the banter every once in awhile as I think you do.   

It's a title and it's all relative.

[quote=Bill Fakkland]Would you be happier if I leveled the playing field by saying "lowly Malcolm"? You guys are so picky sometimes. One last thing..I don't have an assistant. My BOA made over 15,000 just in bonus money last year alone. I call Nicole what she calls herself..an assistant. I think the "lowly" part was just a lucky guess. [/quote]

Bill, I can't understand why the idea of a "lowly assistant" incites so much ire in you. I'm simply stating things I know to have been true in my own experiences at Jones. I'm different than the majority of the BOAs @ Jones, because I bring to the table something money can't buy... empathy.

I understand that if I fail to do my job and process transfers in a timely manner, you have no money to invest. I understand that the level of service I give your clients and prospects impacts whether or not they will stay with you. I understand that no matter how many days in a month I might miss, I still get a paycheck, where you could work 12 hour days all month long and not make a single dime. I understand if I fail to effectively market the surrounding area, and plan events and speaking engagements for you - I've failed to help you bring in new business.

What I CAN'T understand is why you choose to attack me, instead of commenting on the subject matter of this forum. I'm sure you must feel I'm an easier target?

Bill: Arrogance is earned. Doubt if you’ve paid enough dues to be the arrogant pr**k you appear to be.

I’m not the one who starts these hate-mongering sessions about Jones. I step in when I feel someone is showing contempt for a former employer seemingly with impunity. I have a great BOA and she is a partner in my business. We are both LP’s and make a very good living. What I will never understand is why people like Nicole feel that their self worth can only be enhanced by a having a scorched earth policy with the company they formerly worked for. Jones has been good to all of you, Nicole included. If you found a new job…great. Is anyone surprised when St Louis tries to keep assets? Would anyone NOT try and keep assets? You all sound so petulant and childish. You make more than me? Great. You are happier with another firm? Great again. I make a LOT of money…more than any of the physicians  have as clients. Why would I complain? I may leave Jones someday…who knows. But I will NEVER sl*g a company that gave me a fair shot with no industry experience. It’s just not my nature to be that way. Nicloe…all the best. I hope you do well. But your comments reveal a LOT about your character, and it ain’t pretty to thesee eyes. And Malcolm…glad to hear you’re doing well. 

Waaaa! She hit me first!

Just call me a ‘lowly business owner’…

My assistant made 57K last year including benefits.  She's unlicensed.Good assistants are so important if you do a high volume of business. 

As far as Jones goes--they pretend to be something they are not and they are more than a bit cultish.  Is it a decent opportunity for someone with no industry experience who wants to get a start?  Yes--it is.  But, it's not the company it was ten years ago.  And, in the long run, they take far more from you than you ever get in return from them.

Is anyone surprised when St Louis tries to keep assets? Would anyone NOT try and keep assets? You all sound so petulant and childish

BF:

No one is surprised when a firm tries to keep the assets that the IR brought in when the IR leaves.  Neither should the firm be surprised that when the IR leaves he will want to take not only those assets that he brought to the office from previous relationships but also those he cultivated alone while there with new relationships.  What I object to is deceptive practices like outright lying about the outgoing IR, using defamatory and slanderous statements.  Lying to the clients about the costs of transferring accounts and telling them they will have to sell everything out if they transfer to scare them from leaving.

I especially object to the overt churning in accounts by the transitional and new IRs.  By sowing doubt in the capability and integrity of the outgoing IR in the minds of the client's who remain at the office the new guys sell out perfectly good investments and negating the long term strategies that were set in place over years of "knowing your customer".   Know your customer.....what a joke.

I can take care of myself and have.  However, I also object to the smug and self congratulatory attitude that you and others take when perpetrating these practices on the unsophisticated and trusting clients.  I also object to the smug and paternalistic attitude of denigrating as lowly and fluff headed anyone who doesn't fall at your feet and worship at the altar of Edward Jones (who I believe is probably turning in his grave at the current trend of his company)

 I want to work at Zacko's office!

I agree with Babbling Looney!  I had to have my attorney send a cease and desist letter to Jones because of all the rumors and lies that they were telling my former clients.  I had four clients tell me that the new Jones IR was flat out lying to try and keep accounts.  I also couldn’t understand why some of my clients thought they were going to be charged fees to transfer, but then I probed the clients and they started telling me that the new IR was saying they had to sell out of certain investments.  It’s ridiculous.  I am going to try and sue them for the things they were saying about me.  I’m going to wait a year but I’m building a case.

Find a good class action lawyer and see how many want to join the class. From what I hear, your experience is pretty typical. (From “the most ethical firm on wall street”). 

Nicole,

Are you hawt?

The question we’ve all been wanting to ask…