Jones #1 again

And Revealer can email his clients from his office with the computer he doesn’t have to pay for.

Amazing what you can do when you cut a few hundred GPs out of the equation with obscene six-figure salaries who contribute little or nothing to your success.

Revealer, unfortunately this is not limited to just Jones. I did almost the exact transfer from a local indy in a 401k ( I went NAV at less than 100 bps/yr) . There are bad apples at every firm. I also just moved over 175k in B shares from another wirehouse. It happens everywhere.

Guest1,

WHo is doing NAV transfers?

Zacko, I did not say NAV transfer. Those days are gone. there are several platforms out there that allow NAV purchases in a qualified plan.

Revealer- I guess I need to start a new thread when I take a retirement account away?? Congrats to you but the rep should have his butt kicked for what happened on the account. From my vantage point, Mother Merrill seems to offend more than anyone else when you look at their accounts…

Revealer, would the client have been happier if everything was in Putnam before the do-do hit the rotary air handler?  Or in Federated?  Or Goldman Suchs?

Look, Lord knows I'm no fan of Edward Jones, and there's plenty to criticize about the firm.  But I hesitate to call a broker out because he put a client in more than one fund family.  (There's also plenty to criticize about mutual funds in general, but that's another story.)

"From my vantage point, Mother Merrill seems to offend more than anyone else when you look at their accounts..... "

Are you upset because you look at the various products your firm probably cant provide? Or the stellar investment performance that surely happened, due to perfect allocation and top notch investment choices? Or are you offended when the ML client stays with their FA?

Before people get all pissy at that post let me just inform you all.... that I am fcuckin around

Stellar investment performance from Mother Merrill?  Please define “stellar”, and then I’ll try to put that in a relative context.  The vast majority of ML accounts that I see (including the $3 million one that I looked at today) have severely undeperformed a basket of good mutual funds.  For instance, the account I looked at today underperformed my daughters’ Capital World Growth and Income College America account by a whopping 50%.  And their Smart 529 Aggressive Portfolio by a huge margin.  I could go on, and on, and on.  Where is all of the outstanding performance that Merrill’s clients are paying so freakin’ dearly for?  I’ll say it one more time–it’s looks to me like a big dog and pony show with overrated cache.

Noggin: He DID get his butt kicked. So has jones, the firm. Start any thread you want, since you are obviously schlepping for jones with your 253 posts. Want to start one about jones putting people in Putnam 529 even when the state of residence offers an income tax benefit for the state sponsored plan? 

Sooth - Merrill does not get any more of a "whopping fee", than any other firm, so quit it!..........We are all doing 3 times the work for 1/2 the money these days.

I do know one thing.......When someone asks me who I work for, They recognize the name, and there is an heir of respect. As oppossed to a firm that has changed their name 6 times in the past 5 years, or the bank, or one of them independent firms. I loved when I was with Jones..........Hi I'm Joe Smith with Edward Jones........."Nice to meet you Ed."

Guest1,

Oh..like Vankampen...I got it.

ZAcko, no, not like Van Kampen. Multi family product (not annuity based) allowing NAV with a 500k minimum. It is not a preferred family but has over 300 dealer agreements for funds. Nice package, low fees etc…

Revealer-Every time you make a generalization that is inaccurate I post. If that makes me a schlepper for Jones, so be it. I try to be balanced in my observations, I certainly can’t say that for you. As for myself, I NEVER put anyone in the Putnam529 plan that you speak so highly of. By the way, do you agree with EVERYTHING your firm does?

You get a “heir” of respect? Does this mean you have a descendant of

respect? Or does this mean you are a complete moron who can’t spell “air”.

Even worse…you thought it was the right word. Do you breathe heir too,

idiot? Do you fly in a "heirplane’? Drive to the heirport?

There’s laughter in the heir!

[quote=Revealer] Now I ask you all...(1) guess which fund families? [/quote]

American Funds, Van Kampen, & Putnam

Noggin: 254 posts? 254 generalizations? Almost as many GENERAL izations as GENERAL partners. Yep. I REALLY like that there putnam outfit, they done give out better’n most trips. EVERYTHING my firm does? Hardly anything that harms my clients. I ain’t no clone!

That's funny stuff Bill.  Thanks for making me laugh this Friday.  I liked hierplane!

How are things going over there in EDJ land?  I just talked to a buddy there last week who has been there 10 years now and he is hanging on by a thread.  He trains a newbe every few months it seems who lasts a few months and then is out.  He's getting pretty tired of donating so much free time.   I give him another 18 months befor he makes the move.   

I am so glad I do not work for EDJ any longer.  Having a fee based business is HEAVENLY.  Try it, you and your clients will love it.

Edward Jones is a unethical company to work for in my opinion. 

[quote=Bill Fakkland]You get a "heir" of respect? Does this mean you have a descendant of
respect? Or does this mean you are a complete moron who can't spell "air".
Even worse...you thought it was the right word. Do you breathe heir too,
idiot? Do you fly in a "heirplane'? Drive to the heirport?[/quote]

Ahhhh, another english major trying to make it in the business.

wait a minute Bill is a Jones guy??? So…how is the sweater vest collection???

Before I left Jones  I attended a MAP seminar put on by "the firm." MAP is the Jones separately managed account program. 

In the words of the presenter, a Jones employee, "Cost is only a factor in the absence of value."

She then went on to talk about trading costs in M/F's and the great benefits and cost savings of SMA's.  I was a little torqued that this was the first time I had heard of this(trading costs). But that's what Jones calls "Just in time training" or "We'll tell you what we want you to know in accordance with how it benefits the General Partners."

Most people at Jones think the fee based adviser does the same thing for his/her clients that an "IR" does for his.  That is collect a couple thousand accts, park them in funds, re-balance annually with "Portfolio."  There is simply no understanding of delivering a higher level of service. The kind you can when you have 100-200 households getting real financial planning and real attention.

I wouldn't pay a fee for annual "Portfolio" reviews either, and for that matter wouldn't be comfortable charging a fee for them.

Jones does not have the best products, tools, or support in the investment world, yet they charge their "IR's" a premium for what they get.

Exdrone you are so right.  When I left EDJ, I quickly realized that I was totally clueless regarding how to manage money.  Yes, I had become a very good salesperson but that's about it. I certaintly did not feel good about how Jones had me running things and I did not feel it was in my clients best interest. 

In my years at The Dark Side, I averaged 14 new accounts per month!  Now I am down to about two per month, yet I am bringing in more assets.   CLients get very close attention and my days are so much more relaxed.  I don't even have a prospect system anymore so no more spending my days calling people I didnt really know asking them to.. "with the money you have available I think you should buy this bond" crap.  I'm embarrassed I was ever even there.   

What a sleezy way to run a company.  Even at that though I left in an honorble manner and never said a bad word about them.  That's when their true colars really came out.  My clients were lied to regarding my intentions and my character was attacked by everyone involved at Jones.  Especially when a GPs relative was given my office.  I guess they didn't mind my character when I more than once went to St Louis to help train new IRs.   Then there was the Reg. Leader who tried with money to get my BOA to come back to help get the book of business that followed me to return to the dark side. She is still with me and doing great. 

My life is so much better now and I never regret for a moment that I left that dirt bag of a company along with my LP.  I cant say enough good things about having a fee based business.  Yes the transition was difficult but I am delighted with my business now.  

I recommend for anybody with enough assets to LEAVE EDJ now.  It only gets harder as time passes.  You will be on a NEVER ENDING TREADMILL as a transaction broker. 

To heir is human.

I love it…"if you have the money available mrs. 80 year old prospect, this muni bond maturing in 2130 paying 5%, That’s “TAX FREE”. In your tax bracket,…that’s like getting…23%…I think you should invest in this. I know, it does’nt mature for 125 years, but…it has an “estate” feature…hmmm, hmmm(picture ted knight in caddyshack asking danny if he want’s to come over on the day of the big party,…to cut his lawn) How would youuuuu, like to…buy a bond hmmmm, hmmmm.

We were so brainwashed. 

When I think of EDJ now here are the things that come to my mind.   Once a great company that lost its way.  Unethical.   Back stabbing.  Cultish.  Uninformed.  Sales-gross driven.  Behind the times.  Bleeding of its best employees. 

Catering to the uninformed by the uninformed.  An organization of little scared young brokers scratching to survive.  Low average production.  Lack of experience.  Bad for the investors.  Give away your valuable time to work for free to get nonexistent LP.   Crummy technlogy.  Poor..no, terrible platform.   

Malcom - I think it was a great thing at one time. But this wanting to have a Jones office on every corner idea sucks. The office I took over for them was in a horrible location, I was the 5th guy in 4 years to run it. They are just forcing this failed concept on the market place. What would be so wrong with being more careful and thought out. Maybe the one broker office is not a good idea, for some of the markets that they are going into. Let’s not forget…in the 80’s and 90’s you probably could throw a newbie in a strip mall, and sell investments. Not today.

Its about overall company revenue and market share.  The poor newbe has no idea what's going on and how terrible the location is they are being sent to.  The vets who train them know...St Louis knows. 

Sure, go knock on doors in the area around your office!  Eight other IRs have already knocked on those doors over the last 2 years but don't tell that to the unsuspecting new IR whos life has been turned upside down.  Then they cant understand why they are struggling. 

The Regional leader in my area didnt have one sticking office in his town of 40,000 until three years ago.  The towns around him had offices less than a mile apart.  Even now, he only has two other offices in his town. 

I really feel sorry for many of these young men and women starting out over there.  Sheep to slaughter.  But who cares, there is always another one to throw against the wall to see if they stick.

Honest answer to this question Jones Clones.  I have heard through several sources that some big time top hitters have left the firm over the past few months.  I am hearing 90% of their book is following them within a short time frame.  What is going on at cult firm? 

They don't know...When someone leaves it gets hidden as well as be.  When they do (rarely) recruit a broker....hell that's front page news.

I got 90% of my book 2 years ago and have never been happier since leaving Jones.  MUCH better as an indy.

I asked this on another forum but I will ask it here to. I am just curious about this!

What is the quota for a new rep before Jones rents him/her a office?

What is the quota after they get there new office?

And how long before Jones gets rid of them for lack of production?

Just wondering because there seems to be so many empty offices around the country.

Truth, I would say that your comment has a lot of exaggeration to it. I do know most of the bigger hitters here and a few have left, not many. (less than 10 750k and up that I know of, same as any firm) A friend of mine left 6 months ago, 110mill book and he has taken less than 40%. Zacko took his 90% but we all know how.  Brokers leave firms every day. Don’t read too much into it.

Guest1,

How on EARTH could somone only get 40%?  I've never even heard of less than 60% for any move from Jones.  My guess is he was not the orginal broker in the office and that he inherited it.  either that or your information is incorrect.  There is the possibility he was very lazy and unorganized--but 40% is soooooooooooo bad.

How did I get the 90%?  Organized, planned, took staff with me, and worked ass off.  Hardest working 30 days of my life by far...and I actually enjoyed the challenge.  If you know something i don't--feel free to PM me.

I was in a bank program and I don't expect any less than 50%, which is 90% of what I want.  Two months in, I'm at about 35%...

The other 40-50%...they can have...I'd rather prospect for real customers...no just jump through a bunch of hoops for short-term rate whores...

It's a bit different coming from a Jones office where YOU are the reason they have their account at the branch.

zacko-

I know of two in my state that got less than 40%. Both left within the last year. It does happen....As far as your 90%, well that is close to a record isn't it?

Maybe you should write a book. I am sure there are several on this forum that would read it with interest.

[quote=Indyone]

short-term rate whores...

[/quote]

Hahaha, you just described 50% of my book of business.  I would slap them if I could.

GUEST 1-

I appeciate the answer.  I know of 3 and you said around 10.  So can we agree on say 8?  How many $750K producers do you have?  Because one point I will disagree wiith you on and you cannot win is your statement about Jones being just like all of the other wirehouses that lose big brokers.  One goes to Merrill and one goes from Merrill to SB.  They just replace each other.  How many $750K brokers does Jones bring in from the outside? With really no managed money platform I really doubt a big hitter at a wirehouse is jumping with joy to come to Jones and sell American Funds. When 40%, 50% or whatever percentage we want to come up with that leaves a top producer's book takes many, many years for Jones to replenish.

Word on the Indy street or at least the street I am familiar with says the picking has been good at Jones and anticipates getting better.

Come on board before the train passes you buy.

[quote=7yrvet]

zacko-

I know of two in my state that got less than 40%. Both left within the last year. It does happen....As far as your 90%, well that is close to a record isn't it?

Maybe you should write a book. I am sure there are several on this forum that would read it with interest.

[/quote]

He did get 90%!!!!!

[quote=7yrvet]

zacko-

I know of two in my state that got less than 40%. Both left within the last year. It does happen....As far as your 90%, well that is close to a record isn't it?

Maybe you should write a book. I am sure there are several on this forum that would read it with interest.

[/quote]

Great idea!!!!  Many of the ex-EDJers could contribute an Edward Jones horror story!

We could call it, "The Edward D. Jones Story.....The Agony of Defeat".

[quote=7yrvet]

I know of two in my state that got less than 40%. Both left within the last year. It does happen

[/quote]

7yr, aren't you in the same region as the Fort Bragg IR's that went to Wachovia this summer?  Is this who you are referring to?  If not, can you update us on how that went. 

I left edj 5 months ago and have moved 92%,a friend left 90 days ago and is at 80%,dont believe the bs from jones.

Those Ft Bragg guys took over an office...not an appropriate example 7 year.  Although Jones will hold it out there as an example that if you leave your clients will stay back at jones...That's horsesh*t--good brokers take a signifigant percentage (75% or better) when they leave.  That's an indisputable fact.

I always chuckle to myself when I see a Jones guy try to compare the merits of indy versus those of remaining at Jones.  What I find particularly funny is that they believe there is anything to compare when in truth there really isn't.  I know--I used to do the same thing two years ago before I left.  And having been a top producer at Jones and now at RJFS, I can say that in my expert opinion--that the far better place is indy.  It aint even close.

Thanks for asking. Call fenderbroker, let him give you the numbers. My understanding is that they didn’t have the Zacko touch…

I also believe that the Ft Bragg IRs were not the original reps that brought most of the clients in in the first place.  I know that one of them transfered to that office about 5-6 years ago.  Possibly that has something to do with the clients not moving out in mass numbers?  Their loyalties lay more with the company than the IR since they have had “several” different people servicing their account.  People come and go but the “brand name” company seems to stick.

Babbling...exactly my point.

7 year...as far as the zacko touch goes,  only my wife knows about that one.  I just worked hard and had good client relationships, and prepared very well.  And like you, I built my office from scratch.

Taking over an office doesn't tally in my book, as you never really earned the business in the first place.  It was there when you arrived and therefore very little client loyalty can be expected in the first several years.  Simply inheriting or taking over a book of business garner no respect from me.  It took nearly a decade to build my branch from ZERO.  Now, I sit happily with over 100 million AUM and know that my clients, my business and my family are all the better for it. 

I just left Jones last Tuesday after only 3 months. I don’t know what I
was thinking signing up to work for Jones. I came right out of college
and didn’t know what I was getting myself into. The communication
system is still in the 80’s. They don’t even have e-mail-- it’s a wire
system that uses DOS like commands. Jones pays new IR’s $7.00 p/hr.
Doorknocking just doesn’t work anymore. Not atleast in a city the size
of Charlotte, NC. The people in St. Louis don’t tell you how many
people went to the area you are in before you got there. Every
neighborhood has been doorknocked by three or more brokers. It’s just
horrible. And all the time they give you the same old lines to try to
get you to stay so the GP’s can make a fortune off your work. Also, the
growth plan is failing miserably. By 2016 they want to have 25,000
offices. By the end of this year they want 10,000 and are about a
thousand offices behind schedule. Another problem is just their
dishonesty. I have a friend in the area who Jones owes about $2000 in
unreimbursed expenses. These expenses date back for about a month and
he is wondering if he’ll ever get his money back. What kind of company
can’t reimburse someone for a month? I could go on for hours about how
bad Jones is to work for and I was only there for a few months.



I think zacko asked about qualifying for an office. Jones expects you
after about 18 weeks to make $2,250 in net commission. After that you
qualify for an office. I don’t know how much they expect of you once
you are in an office or how long they will let you draw against the
firm before they let you go.

By the end of this year they want 10,000 and are about a thousand offices behind schedule.

Interesting.....these are the same numbers for target growth from several years ago when I was at Jones.  This tells me that they have "not" grown much since then and have actually lost more offices than they are opening up.   This does not bode well for their business model.

[quote=Ex-Joneser]

I think zacko asked about qualifying for an office. Jones expects you after about 18 weeks to make $2,250 in net commission. After that you qualify for an office. I don't know how much they expect of you once you are in an office or how long they will let you draw against the firm before they let you go.
[/quote]

Thanks. That may explain why they have so many empty offices. Most new reps can sell to there friends and family and earn $2,250 commision. But when they run out of friends and relatives they are gone and Jones has an empty office! Some one should set up a REIT for Jones Offices and collect from them!

Do they get a BOA when they get an office or how much do they need in Commision to get a BOA and does she get laid of if the rep fails? And how much do they need to bring in to keep there office profitable after that?    

I wonder how this will all play out at Jones with the new definition of a “branch office”.

I was a t Jones 3 years ago, and they were trying to hit 10,000. By the way…what’s the big race to get 25,000 offices…do they think this will give them mass exposure. If they can’t successfully staff, and profitably operate the mess they have, why would they even be talking about doubling their size. The company is a train wreck when it comes to market penetration and broker retention. (out side of podunk, and the other few areas where they “seem” to proper). It’s a shame, because they have a pretty damn good training program.

Jones trains about 2400 new guys per year and has actually lost offices....I wonder what's happening?  Could it be that Vets are leaving?  I'm guessing that the avg. years in the biz for Jones is going down.

Are you sure about those numbers, Uwec?  That’s an attrition rate on the order of 40% annually.

The lose about 1500-2000 brokers per year from a 9000 broker pool.  That's not quite 40%.  Last I recall they were hiring closer to 2000 brokers per year.  either way, that's gotta be expensive and the law of large numbers has begun to take it's toll as they cannot grow past this point without hiring 300 brokers per month.

I certainly don't care...just go indy.  Hell, I have no clue how many offices or reps RJFS has nor do I really care about that either.  I run my office (and yes it's mine) and go home when the day is done.  NO firm politics or ridiculous meetings for me.  Later....

FYI I don’t think the hiring/training rate is anywhere near where it used to be from what I hear. I would venture to guess 100/2 wks or so, which is still alot.

EDJ had about 7600 brokers when I left.  At that time, they were shooting for 10,000.  Has that changed, or have the markets put a temporary dent in the plan? 

I don't get it.....I cannot even imagine the cost of the ST. Louis training process, I know it's something like $100,000 per IR. I just don't think this is the time or environment (with competition, and the complexity of things) to be hiring school teachers, pilots and college grads into the business, and letting them run their business from a laptop at home. It's a recipe for disaster!!!! There is FAILURE written all over that process.

You can have a nicey nice web site that shows the mother of two, or the guy who left his corporate career to run the perfect little Edward Jones office. You've seen it......get up in the morning, go to your own office (this, by the way is the "Big Mac" in the glossy magazine vs. the one you actually get slopped together in the roach infested McD's we go to), read the Journal, review some portfolios, go to the infamous "chamber of commerce" luncheon. swing by to see little Johnny play soccer, finish up the day with an evening client meeting......and then yes, go home. AHhhhhhh ...........what a load of crap.

Can someone explain why folks can not get over EDJ. It is almost as if many are on a self-appointed crusade to take down the mother ship. 

I admit EDJ isn't perfect. But please tell me one that is. Merrill, Morgan Stanley, UBS, SSB. Zacko and others will say the only way is theirs (indy). I say.....Can't we all just get along...

Let go and you will be happier. 

7 Yr- none of them are perfect....for everyone. Some have a better fit, for a particular individual. I don't think many would bash the training Jones gives new brokers. It's very thorough, very well thought out, and process driven. And I think the instructors are great. And I thoroughly agree with "just in time" training. 

 I think it's when guys start to figure things out, after about 1 or 2 years, they don't like it. And, that GP group has a very elitist feel to it. I can't explain. Yea, at Merrill, most think Stan makes too much, but management operates pretty consistant with most large public companies. And just having offices with 40 -50 brokers and staff dillutes any ill feelings towards the company. (probably not for everyone, but for most)

Because of the Jones structure.........Having the GP's and politics in St. Louis vs. individual rep offices accross the country, creates a natural environment of division. You have a corporate culture Vs. entrepreneurial spirit.........and it pisses the field off. BTW.... I don't think you are going to hear many "SUPER" goodknight brokers, or guys who have the one in a hundred office that is just ideal for "Jones" business, bitch. It's mostly the hard working scratch brokers. And...I know....... the GP's in ST. Louis were all reps at one time.....it does not matter.

As far as indies....I won't pretend to know (I've only been doing this for 3 1/2 years) ......it seems like a good move for 1 of 2 groups. The guys who have earned their stripes at a bank or wire, and want to keep more of there paycheck, and just kinda want to be left alone, (but have a big enough book to bring with them, to make as much if not, more - with half the headaches). Or, a guy who is building, and has figured out a way to consistantly grow his business, and does not need anything the wires have to offer. I can't imagine indie is good for a newbie scratch broker.

[quote=moneyadvisor]

I can't imagine indie is good for a newbie scratch broker.

[/quote]

It's not.  I sure wouldn't recommend trying to go indy right out of the box.  To begin with, RJ & LPL, two of the premier indy houses, absolutely would not take an indy without experience and a book.  RJ will take newbies in their traditional employee channel, but not indy. Secondly, if you're brand new and an indy, who are you going to train under?

Get your experience at a firm with a good training program (and without a non-compete if you can full that off), and after a few years and at LEAST $20 mil AUM, then you can consider whether or not indy is the right move.  Just don't drink too much Kool-Aid while you're in training.

[quote=7yrvet]

Can someone explain why folks can not get over EDJ. It is almost as if many are on a self-appointed crusade to take down the mother ship. 

I admit EDJ isn't perfect. But please tell me one that is. Merrill, Morgan Stanley, UBS, SSB. Zacko and others will say the only way is theirs (indy). I say.....Can't we all just get along...

Let go and you will be happier. 

[/quote]

7yr,

Some day the light will turn on for you as it did for me. 

 For a couple years I read what folks like Zacko and others posted as well as the respones from those like Big pay day.  I was happy at Jones and took for granted what they told me.  "This place is special, can not be duplicated..." yada, yada.

Then I started to realize that there was a lot of truth to what the exJonesers were saying. Slowly the lights came on and I realized what a bunch of crap the firm was shoveling.

If you follow the money you will eventually find the truth.  At Jones the money flows to the GP's.  If making 100-200k is the greatest thing that you ever imagined, the GP's have you right where they want you. 

Ultimately, from rev sharing and preferred fund families, to lp offerings and div trips, the goal of the firm is to maximize GP returns, and allay IRs.  This is the truth, and none of it benefits investors...that just pisses me off.

Granted the training is great, but what does Jones offer a veteran IR. No economies of scale like a wirehouse, and no inc payout like indy.  Inflated overhead, limited products and resources for inflated costs.

exdrone, 

Well put!  And glad I could help...even if it was just a little.

exdrone
Newbie



Joined: July 01 2005
Posts: 18

WOW you nailed it...........................well said...Can't

Can't we just all get along.....

Priceless.....................WELL SAID:

exdrone
Newbie



Joined: July 01 2005
Posts: 18

Zacko, X, and other former EJ IRs,

Right on!  I COULDN'T have said it any better! 

EJ culture is nothing but crap. 

I love being Indy

Crap is still Crap, whatever you call it

[quote=Player]Crap is still Crap, whatever you call it[/quote]

Speaking of crap.  Do they still give out that award for 1st year reps who open 100 accts? I believe it was the "Prospecting Award" which consisted of a plaque with a tiny gold shovel on it.

Anyway, what they really should give new IR's is a a pair of boots, or better yet waders.  Old 3Mil has a backhoe full of sh*t to sell you and that little shovel just aint gonna keep up.

 The reason no new managing general partner has not been named is 3mill Hill is  appealing the US attorneys settlement for him to leave!!! 

How in the world would you know that. Either you are a traitor GP or you are only guessing…

Jones once had a GP named 3mil

Who could choose to go home or to jail

This choice was a chance

To finally take of his pants

And make 7ryvet bite the pillow

Unsung obviously has decided to take a shot as a poet. Sideways markets makes can scare some right out of the biz. In this case I would have to say that his/her day job might be in jeopardy.

[quote=7yrvet]How in the world would you know that. Either you are a traitor GP or you are only guessing.....[/quote]

Yes, old Doug "3 Mil" Hill is probably trying to buy himself out the the sh*t whole he and the Greedy GP's created....and 7yrvet you are as stupid as your quote that confirms it.

By the way 7yrvet whay are all of the vets leaving ?  Does 7 Eleven have anything to do with why you use 7yrvet? 

Player-

Your cognitivie abilities are improving ( a few less emoiticons). Player once again you tend to lose credibility when you say "All of the vets are leaving". I guess more than 1 equals "ALL" in your eyes.

You probably could use a remedial math course. Who knows maybe you could get some CE credits too.

[quote=7yrvet]

Player-

Your cognitive abilities are improving ( a few less emoiticons). Player once again you tend to lose credibility when you say "All of the vets are leaving". I guess more than 1 equals "ALL" in your eyes.

You probably could use a remedial math course. Who knows maybe you could get some CE credits too.

[/quote]

7yrvet, you are right, they are not ALL LEAVING, only the intelligent ones are leaving, and here's the reason why, they can do MATH, and they beleive in the TRUTH, not Kool Aid flavors,and they read the WSJ.....

Can you honestly come on hear and state AS a FACT, that I am not right that there are more experienced IR's LEAVING PERCENTAGEWISE AND NUMBERSWISE than at anytime in history of the Firm?   

Now who has credibility?  

7YRVET, You are a lame employee working for slave labor, you think you have it so good, because you don't have enough sense to do the math............You own nothing at Jones, your LP income when you die is gone to your survivors, what's up with that?  GP's pick and choose............Boot Lickers get it ALL.

By the way, who controls your LP earnings, NOT YOU?   

If, you are 50% the producer you claim to be, you only have to look at your own book and see the 20% of (YOUR COMMISSIONS) you are contributing to the GP's get 50% Plus payout, and Lp's get between 15% to 22%(of their own money), and you think you are coming out good on this?  

Simple Math:  500K Gross X's .38 = $ 190K (Minus your expenses)

Best Bonus paid on your Profitability is nowhere near an additional 100K in your Pocket (20% of your 500K goes to you instead of to GP's  & LP's)  Now be HONEST, is that not better than you are getting?  It's simple even for a girlie man like you.

Do you love Edward Jones more than your own FAMILY?

Do the MATH..........it's a NO BRAINER, why so many are leaving, even for you.

* Disclaimer: I am way to conservative on the net payout as an INDY showing only a 58% NET that is closer to 65 to 70% in my office, but 58% is higher than any Edward Jones IR has ever received from personal production, and that is a FACT! 

I have done the MATH........wake-up DRONES & CLONES,

THE TRUTH WILL SET YOUR..F R E E ............

Player-

Were you able to find ltc insurance given the dementia you continue to display. Comparing the last two posts. Says it all.

If I leave 10-15% (according to Zacko,that is about the number)on the table, in my puny mathematical mind, its worth it.

Just wondering what will set you free from the emoticons and large caps. Valium,halcion, etc...

7yr,

Suppose you are JUST leaving 10-15% on the table, right now.

What about the % you are leaving on the table when you decide to retire with a 200+ million  dollar book?  Selling that book whether it be on fptransitions or not, is worth countless more $ than doing a 4 year "sunset" Jones phase out.  In fact, a 200 mil book at Jones probably has trails in the $250,000 gross range.  Why if I had that at Jones would I sunset anything???  I could work part time and make more money over more years than "sunsetting".  See Jones hasnt figured it out, if you want to retire then you probably want out, period.  You deserve to get a fair value for what YOU built, rather than just turning it over for some 4 year commission sharing thing.  If Im going to work another 4 years, why should I share anything??? 70-30, 50-50, 30-70?  So forget that and assume very few will do it over the next many years.  So then what?  Many Jones IRs will just "hang on" working less and less.  See theres no incentive but to just hang on at Jones at that point.   Is it really doing whats best for your clients when you're there 1 day a week? Is that good service?

Instead you sell your book, you do take on some personal financial risk.  But when I do, Im gone.....on the golf course.....knowing I did the right thing for both my clients and my own well being.  Im not hanging around another 4 years working and getting paid less each year.  Who would do that??  If my successor fails to pay, I re-take over the assets.  Not a preferred outcome but also not likely.

10-15% is what you're giving up today (in your own words), but you're giving up far more in the long run.

Jonzed

I never said it was perfect. No company is. I believe that there is so much ambiguiity when it comes to transitions out of the biz. For me, it's way down the road and I believe that things will continue to evolve, including the retirement/transition plan.

Bottom line, if more vets who produce leave because of it, we'll see more changes. If I did not have time, I would be more inclined to worry about this issue. Your point has merit. We should be rewarded for decades of hard work.

[quote=7yrvet]

Jonzed

I never said it was perfect. No company is. I believe that there is so much ambiguity when it comes to transitions out of the biz. For me, it's way down the road and I believe that things will continue to evolve, including the retirement/transition plan.

Bottom line, if more vets who produce leave because of it, we'll see more changes. If I did not have time, I would be more inclined to worry about this issue. Your point has merit. We should be rewarded for decades of hard work.

[/quote]

7yrvet,  Thanks, your own words "We should be rewarded for decades of hard work."  That is my whole point not the GP's but the hard working producing IR's in the field, not St Louis GP's.....and apparently you do agree with that?

When I realized I wasn't being told the TRUTH on the SEC investigation and potential findings, the numbers weren't adding up on compensation  to GP's and to us IR's in the field.  People were being made GP's that hadn't done crap for the FIRM, except who they knew, I said enough is enough and left.  

From, what I can see and hear it has not changed at all. 

Is it a FACT or NOT, there are more experienced IR's leaving than at any time in Edward Jones history? 

If, anything I have said is untrue then tell me and everyone that is reading this the TRUTH, if you can?

Player, re-read your last few posts. You are starting to disagree with yourself…

7yr,

First, in reference to higher payout as an independant, you said,

If I leave 10-15% (according to Zacko,that is about the number)on the table, in my puny mathematical mind, its worth it.

then in reference to transitioning out of the business, you siad

Bottom line, if more vets who produce leave because of it, we'll see more changes. If I did not have time, I would be more inclined to worry about this issue. Your point has merit. We should be rewarded for decades of hard work.

At only 200k of gross production, which is pretty low for a 7yr vet, you are leaving 20-30k on the table every year.  That's using the numbers you have already agreed to.

Now. Lets move forward 5yrs. Assuming you continue to "scrape" by at 200k/yr giving away 20k/yr, that is 100k.  Are they going to "let" you even BUY 100k of LP over that 5yrs?

My point to all this is: They have you right where they want you!

You will continue this way until Jones figures out how to buy a business from you that they think they already own.

Unless YOU make a change, you will continue this way for your whole career.

Inevitably, at this point in these threads some Jones Loyalist says something like.

It isn't just about money.

Ok, here's the preemtive response:

You can serve clients better away from Jones!

How about a mutual fund research department, instead of a phony product review that did nothing to warn IR's of the high tech exposure in some Putnam funds.  And isn't that the same dept that let the frim get overweighted in GM bonds while chasing yield. 

Or how about being able to sell all the funds from some of your own Preferred Fund Families.  What is so "evil" about a floating rate fund.

My point: It isn't just about the money.  It's also about serving clients by recommending the best investments avail with objective advice.  And by the way excessive rev sharing agreements prohibit objectivity. Ya, lots of firms have rev sharing, but few were fined for their practices to the extent Jones was. 

The truth is being told, sometimes you just have to listen.  Read between the lines and always follow the money.

At Jones the money flows to the GP's.

7yr,

Im guessing you are about 30 yrs old having been in the biz 7 yrs....

By the time you are 40, you'll have left over $200M on the table, by 50 that number is 400M, thats using palty production numbers.

In addition, when you want to leave the biz at some point, you get to stick around 4 more years and have your payout reduced each yr.  Sound good?

7yrvet & Guest1,

Do the MATH.......................

extrone & Jonzed nailed it.................

Haven't heard from 7yr in 2 weeks. 

He must have found a calculator.

You know I've been wondering lately on the bad timing of Doug Hill.  The poor fellow was in charge of EDJ for how long prior to all the fines etc. unfolding due to the fund issues?  I know in the short time that he ran that firm, these deals weren't created yet he is the one that pays for it.  Makes you wonder if John Bachman saw it coming?  He's the guy who ran the firm for a number of years and I am sure solidified a number of the lush pay to play deals that they were fined for.  Oh Douglas, such poor timing on your part.

Oh Jonzed, does the LP make up for that 400m they'll leave on the table - after all it's paying them over 20% returns?

Exdrone - great stuff, they beat me up on the "It isn't about the money" deal all the time.  Here's a good question to that comment too:

If it isn't about the money, how much of your assets are in no loads?  How much pro bono work do you do?

[quote=csmelnix]

If it isn't about the money, how much of your assets are in no loads?  How much pro bono work do you do?

[/quote]

AMEN!

Who ever said that to be ethical you had to be the cheapest thing in town....And your right, Jones isn't the cheapest.  How many referrals did Jones IR's send to Vanguard and Fidelity in the last year!

BTW both those companies have funds that kick the cr@p out of the Jones preferreds.  And under my platform my clients can own them.

Roger that!

I guess some of the new "darkside posters"  are too young to know that at a long long time ago, EJ used to sell Fidelity products.

That realtionship went sour VERY quickly and that was simply about money.

CP, Hmmm, I guess you don’t recall when Fidelity went from Load to no-load- and now a mix of the two. THAT is why the relationship fizzled. Also, recall when Franklin CHARGED to reinvest dividends? We stopped using them until they fiqured that one out. 

[quote=Guest1]CP, Hmmm, I guess you don't recall when Fidelity went from Load to no-load- and now a mix of the two. THAT is why the relationship fizzled. Also, recall when Franklin CHARGED to reinvest dividends? We stopped using them until they figured that one out. [/quote]

Guest1, you have selective memory, but I doubt you were at Edward Jones when they broke off the relationship with Fidelity,I was there 10years and it was many years before I got there.

FYI, Guest1, and fellow DRONES and CLONES, once I left Edward Jones and started talking to Wholesalers, I heard a totally different story about how Doug "3 Mil"Hill squeezed and squeezed Mutual Funds and Annuity Companies for sweet heart deals, and it wasn't for commission to the individual IR, but for revenue to the FIRM....

The FACT is I now receive the COMMISSIONS Edward Jones the FIRM was getting, not what the IR was getting told they were, and it is a much higher payout!  Also figure I know get 90% to 95% not 38%from what the BD gets, only this actually shows up, when at Jones I had know idea what the REAL COMMISSION to the BD was, and neither do you now?  How much does an IR at Jones really leave on the TABLE........YOU HAVE TO DO THE MATH TO BELIEVE IT

When you finally figure out the whole TRUTH, you will leave or ask for a higher payout, and then leave.................

Yawn, who woke up Morris ?

Give it a rest, Player.

Everyone already knows what you think about Jones.

Guest1 & Starka

Neither of you has any balls at all, lets see you state some FACTS on what I just posted above?

If I lied prove it......YOU CAN'T,  so like a POLITICIAN you just try to throw rocks, you just keep dodging the TRUTH.........everyone on here knows how lame you two are, you never discuss anything with FACTS, you slam and run, no BALLS at all.......................... 

Try just once discussing FACTS..............

[quote=Guest1]CP, Hmmm, I guess you don't recall when Fidelity went from Load to no-load- and now a mix of the two. THAT is why the relationship fizzled. Also, recall when Franklin CHARGED to reinvest dividends? We stopped using them until they fiqured that one out. [/quote]

Guest1

You were not even at Edward Jones when they left Fidelity, were you?

So here we go again you making comments about something you truly know nothing about, except for what some lame GP told you over a drink...

Guest1 & BigPayDay

THIS IS FOR YOU TWO:

TOP 10 REASONS MY CLIENTS ARE GLAD I LEFT EDWARD JONES:

10. My clients also like the FACT my FIRM wasn't hit for 75 million in fines and facing close to 1 Billion in CA settlement.........

  9. FEE BASED BUSINESS (NO I WON'T EDUCATE YOU ON WHY IT'S BETTER THAN A SHARES) MY CLIENTS LOVE IT

  8. WHEN MY CLIENTS COME IN IT IS FOR SERVICE, NOT SELLING THEM THE "FLAVOR" OF THE MONTH LIKE YOU STILL DO...........DO THEY STILL HAVE THOSE SATURDAY PROMOTIONS, LIKE SELLING A "STOCK" or  'BOND" or A PARTICULAR "MUTUAL FUND"  OH, YEA BFD, THAT'S REALLY TAKEN CARE OF YOUR CLIENT ISN'T IT? Do you think they don't know it?

   7. BY THE WAY MY CLIENTS DO READ THE "WSJ" SO THEY ARE VERY PLEASED I LEFT..........They relate to the articles.

    6.  The don't have a newbie that Edward Jones put in my old Office, that's still wet behind the ears

   5.  They really love our customer statements, it really smokes Edward Jones statements

   4.  They love our financial plan, that is reinforced every quarter when we have our review

    3. They love that we don't bug them with unnecessary crap that is mailed in their Quarterly statement.

     2. They LOVE NOT PAYING HIGH COMMISSIONS........

     1. THEY LOVE THE FACT THERE IS MORE THAN ON IR IN OUR OFFICE, AND ALL OF OUR STAFF IS LICENSED SO THEY DON'T HAVE TO CALL SOME DIM WIT IN ST. LOUIS TO GET AN ANSWER...... 

 HAPPY THANKSGIVING

Bench Warmer,

A couple of definitions for you:<?:namespace prefix = o ns = "urn:schemas-microsoft-com:office:office" />

envy
Pronunciation: 'en-vE
Function: noun

Painful or resentful awareness of an advantage enjoyed by another joined with a desire to possess the same advantage.

jealous
Pronunciation: 'je-l&s
Function: adjective

Hostile toward a rival or one believed to enjoy an advantage.

Webster