How many brokers does EDJ have?

Once John Sloop took his retirement package the firm couldn’t grow anymore.  They have around 200 newbies coming in every month.  They have around 200 attrition every month.  I also think they have 20-30 Segment 3,4,5’s leaving every month.  That points to negative growth.  With Price Woodward now in charge of Growth I think that those numbers might improve.  I also think that if they can solidify this LP offering and not just dangle the carrot, they may see the producing brokers not leave like they are now.

[quote=jonesescapee]I heard 5 years ago they were headed for 25 thousand. Are they anyway near that?[/quote]

Heading for 25 thousand or 25 hundred????????

Is segment 5 when you get handed a 50 million dollar office?

They're at around 9,000 or so.

25,000?  That's exactly what we need dotting the landscape.  They should just go into business with Subway and open joint offices in strip malls with a doorway in between.  That way, you can buy your footlong meatball sub and walk through the doorway to buy another share in American Funds.  Of course, that would mean going public, and that would be horrible.

Broker recruit - LMAO - you recruiters are the biggest joke. Tell me how bad EDJ is and how bad our brokers are. Then call me tomorrow and ask me to go work for someone else. Would you tell the rest of your ambulance chasing buddies to stop calling me? For the last time, I’m not interested. And don’t claim to be without alterior motives posting on this sight. I read a few minutes ago in another post you wanting a broker looking to make a jump to PM you. You have no credibility. LMAO

Hulk, BR doesn't necessarily think you're all bad, I know for a fact that LPL brings over a lot of EDJ brokers because in the words of my recruiter, "they know how to prospect".  OTOH, I also know for a fact that my recruiter turned down one of my local competitors who called him...and the guy's been with Jones for 10+...he just wasn't a good fit for LPL, apparently.

...and it's "ulterior".  If you want to use big words, learn to spell them.

If that’s the biggest mistake I ever make, I’ll be just fine. BTW, have you read any of the other posts? I think I may have the record for the fewest grammatical errors with only 1. Thanks for the spelling lesson.

Indy--personally, I thought the Hulkenator's use of the word "sight" above in "...posting on this sight" was funnier that not knowing how to use the bigger word.  I believe this is a website, or "site" for short, not a websight.  I guess that's at least TWO dumb errors in one sentence, but hoos counting, write?

Hulk--the recruiters that are hounding you are not likely doing it because they think you're such a superstar; they just have to make a bunch of calls to get one hit--sound familiar, genius?  You telling BR to tell his "buddies" to stop calling you is like a prospect telling you to have all your "broker buddies" stop calling him or her.  In other words, it's really dumb (FYI BTW LMAO for emphasis, since you think those cute acronyms are so handy). 

Here's the deal, Hulk - I actually know OldDog personally.  Great guy, known him for a while.  PM him and ask him.  No ambulance-chasing here (that's why I didn't feel the need to post my contact info, thank you).  If someone wants to talk to me, great, they can PM me.  I have never solicited another rep on here schlepping a firm I work with telling them how great it is and how poor theirs is - not how I work.  I'm consultative.  I pull people out of process with my own client instead of trying to convince them it's the best place ever and turning a quick buck.  Again, not how I work.  

I will admit that I have had many PM conversations, but they are simply consultative when asked questions or for my opinion, thoughts or advice.  That's all.

Secondly, I don't call EDJ reps anymore.  I haven't called one in nearly a year and, the only ones I call now, are the ones that I know well.  I've found that there is no point in trying to tell a story to someone that doesn't have an open mind (again, a generalized thought).  The idea of being open-minded enough to listen to other opportunities escapes most of those working for the GPs.   

And thank you, Indy.  My point all along is that not all EDJ reps are ignorant, or incompetent.  I simply think that the structure is flawed.  That's all, and those who believe it is the most perfect system out there without knowing the facts are senseless.  The thing in this business that people have to have is an open mind and know the facts.  If you're happy at Jones, F*&% an A - that's awesome.  I will never disrespect someone for that.  I will however, continue to never have respect for someone who personally attacks others, with absolutely no basis.

So again, check the facts, you American Funds schlepping tool of the GP propagandized machine, and you'll understand a little bit more about where I'm coming from and how I operate.

[quote=BrokerRecruit]

So again, check the facts, you American Funds schlepping tool of the GP propagandized machine, and you'll understand a little bit more about where I'm coming from and how I operate.

[/quote]

That's the funniest thing I've read on here in a long time. 

(Takes a bow)

"Indy--personally, I thought the Hulkenator's use of the word "sight" above in "...posting on this sight" was funnier that not knowing how to use the bigger word.  I believe this is a website, or "site" for short, not a websight.  I guess that's at least TWO dumb errors in one sentence, but hoos counting, write?"

Oops and shame on me, Cowboy...I missed that one.  I guess after seeing "sight" (among others) used by many miscreants on this 4-em(), I'm a bit de-sensitized about some of the poor grammer and spelling I see here.  Occasionally, I get my fill, particularly when used in a misguided post, and spout off like I do.  I try to be extra careful with my typing when I'm responding, though...nothing like poor grammar and spelling to ruin the message...

"And thank you, Indy.  My point all along is that not all EDJ reps are ignorant, or incompetent.  I simply think that the structure is flawed."

You're welcome and I happen to agree.  I have a lot of respect for one of my local EDJ competitors, although even he is a bit blinded by the Kool-Aid.  He actually told me that if he ever left Jones, it would most likely be because he'd left the industry altogether.  At four years in, I think it's just a bit early to make such a blanket statement, but I still think he's a pretty good and ethical rep.  On structure, I think it's been made abundantly clear on this "sight" (that's for you, Cowboy) that EDJ has limited product, outdated technology, and management that is constantly brainwashing the troops (like my friend above).  No doubt, management is also "all about the benjamins."

Someone who has one of those Doug Hill portraits should put it on ebay.  If we could bid it up high enough, Jones might include the value of picture in next years compensation survey.

BrokerRecruit and everyone else,

Why are all picking on me now?  It's not fair.

You guys are not nice.

And what's wrong with American Funds?  They are AWESOME.

I went out a got a Subway sandwich for dinner. MEATBALLS at that.  There is nothing wrong with a Subway, drycleaner, Chinese restaurant or any other small business owner next to a brokerage firm.  Where do you think I get my clients?  Alot easier than colding.  You guys make me sick.

[quote=Incredible Hulk]Broker recruit - LMAO - you recruiters are the biggest joke. Tell me how bad EDJ is and how bad our brokers are. Then call me tomorrow and ask me to go work for someone else. Would you tell the rest of your ambulance chasing buddies to stop calling me? For the last time, I'm not interested. And don't claim to be without alterior motives posting on this sight. I read a few minutes ago in another post you wanting a broker looking to make a jump to PM you. You have no credibility. LMAO 
[/quote]

Wow.... you're making fun of a guy who is in a sales role and working hard to drum up some business so he can support his family.  How ironic. 

Jones brokers only help the Gen. Partners and their american funds wholesalers.  They're most easily compared to used car salesmen.

[quote=Incredble Hulk]

I went out a got a Subway sandwich for dinner. MEATBALLS at that.  There is nothing wrong with a Subway, drycleaner, Chinese restaurant or any other small business owner next to a brokerage firm.  Where do you think I get my clients?  Alot easier than colding.  You guys make me sick.

[/quote]

You can have all those $10,000 accounts while us real advisors develop relationships with affluent investors.  We don't need to be in high traffic areas to build our business.... we're just a little more classy.  But Jones does have a niche.

That's not true.  We Jones brokers help our clients with long term investments and our approved funds are the best fund families on the street.  Don't even compare me with a used care salesman.

 $10,000 is a start.  Just wait until my client sells his Chinese restaurant or drycleaning business.  They won’t be calling Merrill or Smith Barney, but me.  I see them everyday.

Hulk-

My man. If you are referring to American and Franklin, maybe but certainly not in all asset classes. Most I grant you but not all. Now if EDJ offered a wrap program so we could pick and choose amongst the preferreds, you might have a point. Never going to happen because the GP's will take a haircut. And their hair, by and large, is already short to begin with.

Best funds on the street??????  Putnam?  VanKampen?   Hartford?  Federated?

What street do you live on, Main Street in Fantasyland?

Yes, you heard me.  They are the best mutual funds.  Go to www.morningstar.com and do your homework. And by the way, footsoldier, you can WRAP my A**!

[quote=Incredble Hulk] $10,000 is a start.  Just wait until my client sells his Chinese restaurant or drycleaning business.  They won't be calling Merrill or Smith Barney, but me.  I see them everyday.[/quote]

Go spend years cultivating that $250,000 relationship.  But once  you slam into 10 stocks a Hartford VA and some A shares, then what?  You'll be door knocking again and I'll be too busy collecting my 1% annual fee on from my individual clients who already have $1 million- $10 million and my institutional clients who have $10 million - $30 million. 

Jones doesn't measure up man... you're not going to convince anyone here that it does.

Real Original - INCREDBLE HULK -



I guess there really are people out there who want to be just like me!

[quote=iconsult100] [quote=Incredble Hulk]

I went out a got a Subway sandwich for dinner. MEATBALLS at that. There is nothing wrong with a Subway, drycleaner, Chinese restaurant or any other small business owner next to a brokerage firm. Where do you think I get my clients? Alot easier than colding. You guys make me sick.

[/quote]

You can have all those $10,000 accounts while us real advisors develop relationships with affluent investors. We don’t need to be in high traffic areas to build our business… we’re just a little more classy. But Jones does have a niche.

I guarantee you that you would drool over the top 20% of my book.

More classy? Gimme a break.

Doubt it.

[quote=Incredible Hulk] I guarantee you that you would drool over the top 20% of my book. More classy? Gimme a break.

Doubt it.

[quote=iconsult100]

[quote=Incredble Hulk] $10,000 is a start. Just wait until my client sells his Chinese restaurant or drycleaning business. They won’t be calling Merrill or Smith Barney, but me. I see them everyday.[/quote]

Go spend years cultivating that $250,000 relationship. But once you slam into 10 stocks a Hartford VA and some A shares, then what? You’ll be door knocking again and I’ll be too busy collecting my 1% annual fee on from my individual clients who already have $1 million- $10 million and my institutional clients who have $10 million - $30 million.

Jones doesn’t measure up man… you’re not going to convince anyone here that it does.

And by the way, WRAP counts are a rip off.  “A” shares are the best class of funds for clients if they are investing for the long run and that’s what we do at EJones.  We look after our clients.

[quote=Incredble Hulk]

Yes, you heard me.  They are the best mutual funds.  Go to www.morningstar.com and do your homework. And by the way, footsoldier, you can WRAP my A**!

[/quote]

I checked your reference, Hulk.  None of the preferred families crack the top ten in Large Cap Value category, for example.  Not one.

Not an auspicious start for you, kid.

That’s B.S.  Look at Growth fund of America.  It has beaten the SP500 on the ytd, 3 yr and 5yr.  How can you get better that that?  It is also TEAM MANAGED!!

[quote=Incredble Hulk]That's B.S.  Look at Growth fund of America.  It has beaten the SP500 on the ytd, 3 yr and 5yr.  How can you get better that that?  It is also TEAM MANAGED!![/quote]

Since when is Growth Fund of America a Large Cap Value fund?

Learn to read, kid.

Hulk my man-

Never the best over the long run. What happened to the montra dude drink some more you are losing it. Performance over the short term is a losers game always.

You must be a rook. No vet would be this stupid.

Hulk, 

You are an embarassment to those of us left at EJ. 

Toss

Auggghh.

Will the REAL "HULK" please stand up?

Hulk is obviously a rook.

I'm the Real Hulk, I'm the Real Hulk. All the other Hulks are just imitading.  So won't the Real Hulk please stand up. Please stand up.

Come on men, footsoldier, consults dude, brokerrecruitNOT: I’m waiting on your comments.  I might wait up all night.  I’m on a roll now and I have until Tuesday because I am using my email at home. I don’t have one at work so on Tuesday I will reply at night.  For now, I am staying up and waiting for your stupid responses.

[quote=Incredble Hulk]Come on men, footsoldier, consults dude, brokerrecruitNOT: I’m waiting on your comments.  I might wait up all night.  I’m on a roll now and I have until Tuesday because I am using my email at home. I don’t have one at work so on Tuesday I will reply at night.  For now, I am staying up and waiting for your stupid responses.[/quote]

Still don’t have email at work? 

So when they do install it, will it be dial-up via AOL?

[quote=Incredble Hulk]That’s B.S.  Look at Growth fund of America.  It has beaten the SP500 on the ytd, 3 yr and 5yr.  How can you get better that that?  It is also TEAM MANAGED!![/quote]

Growth Fund of AMERICA is so bloated with new assets from retards like you that they now have 23% of the fund invested in FOREIGN stocks…which is in no small part why their numbers are so good over the last quarter and 12 months.  This would be why they are outpacing their peers who have stuck to their mandate.

Then again, I wouldn’t expect a feeble-minded door to door salesman like yourself to understand…

[quote=joedabrkr] [quote=Incredble Hulk]That's B.S.  Look at Growth fund of America.  It has beaten the SP500 on the ytd, 3 yr and 5yr.  How can you get better that that?  It is also TEAM MANAGED!![/quote]

Growth Fund of AMERICA is so bloated with new assets from retards like you that they now have 23% of the fund invested in FOREIGN stocks....which is in no small part why their numbers are so good over the last quarter and 12 months.  This would be why they are outpacing their peers who have stuck to their mandate.

Then again, I wouldn't expect a feeble-minded door to door salesman like yourself to understand......
[/quote]

joedabrkr, you really are a horses' behind.  How old are you, anyway?

[quote=Incredble Hulk]And by the way, WRAP counts are a rip off.  "A" shares are the best class of funds for clients if they are investing for the long run and that's what we do at EJones.  We look after our clients.[/quote]

If Wrap accounts are so bad, why are your precious American Funds in all of them?  As well as Fidelity, Pimco, Davis, etc....  Wrap is easy, it's pay as you go and you can swap out or rebalance anytime for no cost.

If you charge your 5% up front to buy an "A" share and the client has an unexpected event a year later and needs some of that money, he just paid that load for nothing.

Get your facts straight rookie.  You won't be in business in a year.

Brokers at Jones are a tad bit smarter than the morons in the home office.

Hulk works in the home office. He stinks of the culture they try to promote.



Hulk- when is Jones going to merge with American Funds?

I do not work at the home office. 

inconsult100 wrote, " Wrap is easy, it's pay as you go..."

Yes indeed, easy for the broker and expensive for the client.  Come on, you are making it too easy.

I hope American funds merges with EDJones.  Both are great companies. 

IH-

The most reasonable pro knows that clients have options. At Jones we have a box of goodies. All I am suggesting is they enlarge the box. Essentially what I am saying is I want the client to be guided by me, but the decision, as to how I am paid is theirs.

Ask any wholesaler and they will tell you without a doubt A shares are the most profitable for the firms. Going to wrap reduces the funds/firms revenues, yet they do it because the clients want the portability without additional costs. And remember the fees are typically deductible (above 2% of AGI I think).

Without American I probably would be out of business today. They saved me during those horrible years. I can not and will not abandon them. But I know that going forward I have to provide value and just offering AF isn't enough.

I'll make a prediction. In five years or less EDJ will have a wrap program. And if they don't watch for a blanket breakpoint schedule using the preferreds. The latter sustains the GP revenue.

Foot, I disagree with you on what is most profitable for the firm. A shares short term but.. I have over 100 million in funds alone. Imagine the bump to the bottom line of not only my branch but to the firm if I had a 1% wrap on those. Granted, not all would be in a wrap program but the revenue would increase tremendously. A breakpoint among the preferreds would not nor can not happen under current regulations.

I do agree with you on the wrap coming to Jones. Only I feel it wil be much sooner than later.

I am off these boards for a while. It is nice to take breaks now and then and I am taking one. Hulk, give it a try.

[quote=Incredble Hulk]And by the way, WRAP counts are a rip off.  "A" shares are the best class of funds for clients if they are investing for the long run and that's what we do at EJones.  We look after our clients.[/quote]

If they are such a rip off then why in hells name do 99% of high net worth people have their money in fee based accounts with ML,SB,MS,GS etc...not EDJ. I guess if all I had in my tool chest was a hammer everthing would look like a nail. Face it idiot the only reason you stand up for your 5 or 6 "A share " products is because thats all you have! The first step to recovery is admitting you have a problem. You are just not there yet. BTW does Weddle have any polyps since you have a very good veiw of his internals.

[quote=Incredble Hulk]

I do not work at the home office. 

inconsult100 wrote, " Wrap is easy, it's pay as you go..."

Yes indeed, easy for the broker and expensive for the client.  Come on, you are making it too easy.

[/quote]

5% upfront or 1% a year.  I've ran the numbers dude and with average performance it takes 3.5 years to break even.  Why don't you follow up your ignorant comments with facts and not the canned company schpiel.

Why don't you make me?  3.5 years to break even and then the client makes a better performance.  Thanks for explaining that to me.

GO EDWARD JONES!

Hulk-



Do you even have a clue what the average wrap fee is in this industry?

[quote=jonesescapee]

[quote=Incredble Hulk]And by the way, WRAP counts are a rip off.  "A" shares are the best class of funds for clients if they are investing for the long run and that's what we do at EJones.  We look after our clients.[/quote]

If they are such a rip off then why in hells name do 99% of high net worth people have their money in fee based accounts with ML,SB,MS,GS etc...not EDJ. I guess if all I had in my tool chest was a hammer everthing would look like a nail. Face it idiot the only reason you stand up for your 5 or 6 "A share " products is because thats all you have! The first step to recovery is admitting you have a problem. You are just not there yet. BTW does Weddle have any polyps since you have a very good veiw of his internals.

[/quote]

99% of high net worth don't have fee based accounts and certainly they are not all at ML,SB,MS and GS. When you overally generalize your argument loses validity. Your point should be that a good percentage of hi net worth do fee based accounts such as SMA's and Wraps. Jones has SMA's so I would say that there is certainly a lot more than A shares at Jones. I have found that ultimately most decisions are made because of relationships not products. It sounds like you disagree with that....

Look at average account size at Jones vs. other firms mentioned. That might

help answer this debate. Products do have a big impact.

[quote=Incredble Hulk]That’s B.S.  Look at Growth fund of America.  It has beaten the SP500 on the ytd, 3 yr and 5yr.  How can you get better that that?  It is also TEAM MANAGED!![/quote] Fercryinoutloud! Pimco BOND fund has beat GFA for past 5 yrs. We won’t even go into the risk.

Hulk-

I will try agin. Take a breath and just for a moment, think of a world outside your box of goodies that EDJ makes available for your clients. Versus, a different viewpoint, the box of goodies that others (both indy and wirehouse) have that appears to meet the rest of society.

Get off the bandwagon that the Jones way is the best. If that were true, everyone would buy A shares with breakpoints. They don't. So don't denigrate or try weak attack measures when you are obviously undermanned intellectually and my fine green friend, factually.

I am working with the same firm as you. They have given me alot in the beginning and taken much more than I will ever receive in return.

There is life I am told after EDJ. Since others before have left and never regretted their decision I am optimistic I will experience the same.

Don’t leave.  It will be the biggest mistake that you make. 

I could not disagree more. But I'll bite. Why would it be the biggest mistake that I will ever make?

Your concoction must be a very special brew. Make sure someone else drives.

[quote=Incredble Hulk]

Why don't you make me?  3.5 years to break even and then the client makes a better performance.  Thanks for explaining that to me.

GO EDWARD JONES!

[/quote]

Did  you even read that post.  It was a response your moronic comment about COST, it had nothing to d0 with performance or when the client makes money.

Think about this.... $100,000 in an "A" share is gonna charge about 4% upfront.  So lets just say the client makes 10% the first year.  That means at the end of the year they have $105,600.

Now $100,000 in a wrap account is gonna charge about 1% a year.  So lets just say the client makes 10% the first year.  That means at the end of the year they have $108,900.

Now Think about a down market scenario.... $100,000 in an "A" Share.  So lets just say the client loses 10% the first year.  That means at the end of the year they have $86,400.

Now $100,000 in a wrap account.   So lets just say the client loses 10% the first year.  That means at the end of the year they have $89,100.

So Pay attention and do your due dilligence before posting such un-educated comments.  You claim to have the best interests of your clients, but it simply isn't true.  The only difference between the A share and the wrap account is upfront broker commission, which is your only motivation for selling it.

Back up your remarks with facts, or just shut up rookie.

Make me shut up.

I’m waiting and you are not making me shut up.  Make me!!

Still waiting!

Hulk-



Operations or Central Services? Which department to you call home?

You idiots responding to this guy are hilarious.  It is not the real IH.  It is somebody here who has lots of time and who hates IH.  Read the name of the poster again.

I don’t know what you are talking about?

[quote=iconsult100][quote=Incredble Hulk]

Why don't you make me?  3.5 years to break even and then the client makes a better performance.  Thanks for explaining that to me.

GO EDWARD JONES!

[/quote]

Did  you even read that post.  It was a response your moronic comment about COST, it had nothing to d0 with performance or when the client makes money.

Think about this.... $100,000 in an "A" share is gonna charge about 4% upfront.  So lets just say the client makes 10% the first year.  That means at the end of the year they have $105,600.

Now $100,000 in a wrap account is gonna charge about 1% a year.  So lets just say the client makes 10% the first year.  That means at the end of the year they have $108,900.

Now Think about a down market scenario.... $100,000 in an "A" Share.  So lets just say the client loses 10% the first year.  That means at the end of the year they have $86,400.

Now $100,000 in a wrap account.   So lets just say the client loses 10% the first year.  That means at the end of the year they have $89,100.

So Pay attention and do your due dilligence before posting such un-educated comments.  You claim to have the best interests of your clients, but it simply isn't true.  The only difference between the A share and the wrap account is upfront broker commission, which is your only motivation for selling it.

Back up your remarks with facts, or just shut up rookie.

[/quote]

I can't believe you refuted his argument with a 1 yr example, what does that possibly prove?? The last time I checked my clients invest for longer than 1 yr. If they didn't they CERTAINLY shouldn't be put in A shares. They might want to look at C shares and in your example the C shares outperform the wrap at the 1 yr mark....

[quote=Starka]

[quote=Incredble Hulk]That’s B.S. Look at Growth fund of America. It has beaten the SP500 on the ytd, 3 yr and 5yr. How can you get better that that? It is also TEAM MANAGED!![/quote]

Since when is Growth Fund of America a Large Cap Value fund?

Learn to read, kid.

Source of what?

[quote=footsoldier]

IH-

And remember the fees are typically deductible (above 2% of AGI I think).

I don’t know what you are talking about?

I’ve changed my mind about you. Please continue…

Source of what?

The correct spelling is numbnuts.

But you should already know that.

Starka -

how does duma$$ take you?

[quote=Incredible Hulk]Starka -
how does duma$$ take you?[/quote]

Duma$$ Hulk?  Nah.  Doesn't have the right ring to it.  Stick with Incredible Hulk.  At least for the time being.

Or did you mean Incredible Duma$$?  Now you might have something there!

On the issue of wrap account.  I think Jones must offer them soon.  The problem is that Jones does not want us to manage our clients money.  I just think we must have a platform that allows us to make a change w/o charging a fee.  I do not believe this goes against a buy and hold philosophy.  Buy and hold should represent investments in general, not a specific fund.  There are times when a person should own high yield and sometimes it is not a good idea.  It’s coming sooner than we think.

The problem is that Jones does not want us to manage our clients money.

Does this sentence speak volumes. This from someone who maintains is the best firm, maybe he is changing tunes as he becomes more educated.

I am a realist.  I dont know where your office is and really dont care.  But, other than diversification principles, computer programs, etc, how much do we really know about a stock or mutual fund.  We all have access to the same public information.  We will never sit across the table from bill gates, michael dell, john chambers, etc.  We all have to trust analysts to do the research.  I think i do a pretty good job of picking investments, but in the end, what do we really know about a company other than historic information.,  My point is, you may feel like you are managing their money, but you are really managing them.  For that, all you need is a psych. degree. 

[quote=success]

I am a realist.  I dont know where your office is and really dont care.  But, other than diversification principles, computer programs, etc, how much do we really know about a stock or mutual fund.  We all have access to the same public information.  We will never sit across the table from bill gates, michael dell, john chambers, etc.  We all have to trust analysts to do the research.  I think i do a pretty good job of picking investments, but in the end, what do we really know about a company other than historic information.,  My point is, you may feel like you are managing their money, but you are really managing them.  For that, all you need is a psych. degree. 

[/quote]

Thank god Jones has Onionhead as their equity kook! And BTW, who is we?

[quote=success]

  We all have access to the same public information. 

[/quote]

Confused one, you are so wrong about public information. As an employee of Jones you DO NOT have the same info as the rest of the industry. Don't you get it? you are kept in the dark purposely. the next time you talk with a wholesaler ask them the difference between what you are paid and an indy is paid on products....with a mmiracle maybe some day you can stop checking for polyps and start making some bucks for you not the GP's.

J,

what the hell are you talking about.  who mentioned anything about commissions.  I am talking about information for which i use to make decsions.  you have just proved an early point i made last week.  The first thing you think about is what you get paid.  you missed my point, which does not surprise me at all. we were talking about managing your clients account.  at the end of the day, we are all selling a product in which we have NO control over.  In a wrap account moving from xyx fund to abc fund is usually done for you to justify to your  client that you are doing something for your fee.  you and i both know that is you pick 3 american funds or 3 franklin funds and hold them for 15 years, you will do just fine.  Oh, but wait a minute my trail is only .25bps.  sh*t, how can i eat on that. i better charge 1.5% and tell my clients how smart i am.

Success, you don't have access to the same information in regards to investments at Jones as the rest of us have at our various firms. I can say that because I have been at Jones and am not now.  My BD provides us with some research as a part of our operating plant form. Yes, I have to pay for the extra research reports and analysis if I want to have acess to S&P reports, Morningstar, BNY, Credit Suisse etc.  I don't have to pay for those if I don't want to. It is my choice.  So I have multitudes of opinions on stocks and mutual funds to compare product instead of the one source you have a Jones.  Possibly you can subscribe to these services on your home computer?  I know you can't get them at the Jones terminal (or at least couldn't when I was there)

you and i both know that is you pick 3 american funds or 3 franklin funds and hold them for 15 years, you will do just fine.  Oh, but wait a minute my trail is only .25bps.  sh*t, how can i eat on that. i better charge 1.5% and tell my clients how smart i am.

This is a ridiculous statement.  The advantage of a wrap program is to be able to pick the best funds from many different sources without switching from fund family to fund family.  While Franklin and American funds are both good companies they don't always cover all the bases in investment styles and sectors.   By being able to pick the best small cap from company A, floating rate fund from company B, the best natural resources sector fund from company C and so on the rep is better able to manage the client's portfolio and to be able to move with changing economic trends as well as with the client's changing needs.

It has not so much to do with the wrap fee or fee for AUM to generate revenue for us, as it has to do with flexibility and not being shackled to the "breakpoint monster".  The reality is that we make much more  $$ by switching between fund families and generating new commissions in A shares than we do in managing a portfolio at 1 to 1.5%.   This is why our industry has a bad name and why I left Jones because the pressure to do inappropriate trading was the green eyed monster that reared it's head every month.

The problem with wrap accounts comes when there is no management or activity to justify the 1 to 1.5% fees.  This is why many firms have gotten into trouble with their programs.

Both scenarios have their issues.  It is nice to be able to offer both working styles (commission or fees) and offer them appropriately for the client's needs.  I didn't have that opportunity at Jones. .......now I do.

LOL       Platform  not plant form

I still think EdJones has the best platform.

The best plantform, too!

Starka,

I don't understand.  You are misspelling platform.  Are you stupid?

Hey DRONES, and CLONES....

How many IR's do you now have?

How many open Offices?

What percentage of the Firm has been there less than 3 years?

Why do the Segement 3's, 4's & 5's keep leaving?  Are they ALL stupid?

How long can you IR's keep supporting the International failure the GP's got you into?   Who's paying for it?  

Maybe the stupid one is waiting for the BOAT to sink?

[quote=success]

J,

what the hell are you talking about.  who mentioned anything about commissions.  I am talking about information for which i use to make decsions.  you have just proved an early point i made last week.  The first thing you think about is what you get paid.  you missed my point, which does not surprise me at all. we were talking about managing your clients account.  at the end of the day, we are all selling a product in which we have NO control over.  In a wrap account moving from xyx fund to abc fund is usually done for you to justify to your  client that you are doing something for your fee.  you and i both know that is you pick 3 american funds or 3 franklin funds and hold them for 15 years, you will do just fine.  Oh, but wait a minute my trail is only .25bps.  sh*t, how can i eat on that. i better charge 1.5% and tell my clients how smart i am.

[/quote]

Hey jailed one,

whats your net on the .25bps?   mine is 90%....the difference is I have a choice you don't. and another thing I don't know that holding an American fund for the next 15 years will be the right choice. Remember Putnam? Oh, I forgot you only have 7 funds to push...and I mean push. Keep checking for polyps......