Jones Fence Sitters Real Issue Discussion

I left Jones in early 05 & went to LPL. I have fielded calls from Jones guys from 4 states asking for feedback about the move & I thought that I would place some observations here to share with anyone needing help.



In my opinion here are strengths that Jones has…



1. Jones Corporate has made it pretty easy from a structural standpoint to do business. Not many forms are necessary on a daily basis to work. Being indy is paperwork intensive.



2. Jones has a very good system to train assistants.



3. Jones HR support from the home office is not given enough credit.



4. Jones does a good job of focusing the IR on just selling.



Here are some observations so far of being indy…



1. Transition sucks, but is temporary

2. The bond inventory is more robust than I ever expected. Most indies link directly to many dealers inventories. The inventories are much larger than Jones.

3. I never realized how focused Jones was from a product standpoint. There are many more options out there that ARE STILL IN THE BEST INTEREST OF CLIENTS.

4. It is very refreshing & motivating to know that this is MY business.

5. The “business” or admin side of running the business is really not bad. You set up quickbooks, online bill pay, officedepot.com & that’s pretty much it. After a few months it’s really easy.

6. The money is unbeleivable. I am running the exact same business & in my 4th month took home more than I ever did at Jones by 5k. Of course, that should be the case because I don’t get LP, bonuses, or profit sharing. The flexibility w/ biz expenses & taxes though will also help.



I have many more thoughts, but would entertain any questions that you may have.



In closing…

I still run a squeaky clean business with my clients best interests at heart all the time. I was a good guy at Jones and remain that way today. Only bad people don’t leave Jones.

I reread that last sentence & I didn’t say what I meant. Jones tende to villify anyone that leave Jones or is at another firm. Good people leave Jones because they believe that it is a business decision that is better for their families.

That’s what i meant to say…

Great post, I am a wholesaler with a top 2 fund company.  And yes I work with great Jones reps.  About 80% of my business comes from the top Independent brokers, LPL, Ray Jay, AIG, NPH.  The firm itself (Jones) is fine; it’s the reps that are getting screwed.  You are basically independent with ¼ of the payout. 

Awesome post, you have already got me thinking that I want to start
with Jones to get my feet wet, for a few yrs then, go indy. This
country was founded on independent businesses, so why not start your
own. How many accounts did you get to transfer? Also, what did you tell
your clients? And, How long were you at Jones before you went indy?

I agree with others.  It will give you an adequate start along with the freedom, but if you’re independent in nature, go indy and get the 85-90% payout.  There was a publication that EDJ prepared and sent to its IRs a while back and it all but bashed the indy side.  It was a subtle form of propaganda.  As a recruiter that represents all types of firms (wires, indy, banks, etc), I looked at it and found it inaccurate.  There are probably FAs that benefit from working at EDJ, but there are some that would be better suited in a wire or with an indy.

Riley-

I really don’t see a need to start at Jones to “get your feet wet.” Name recognition is what Jones gives you & I see Raymond James doing the exact same thing for 150% the compensation.



Jones is a good firm, but others firms offer a better value proposition to you & your clients.

bestmoveever-

EDJ has an extremely good rep here. Unfortunately, there are a few
Raymond James clowns over here, that would be the only reason why I
would start with EDJ. I’ve got a good rep myself and I want to improve
upon it. I would really like to be with AG E, but they haven’t started
an office here yet. They are waiting on some experienced brokers to
come in.  But, we will have to see what happens. EDJ called me
today. I wasn’t here but I’m calling them back tommorow. I am still in
college so it would be an internship. I’ve got a buddy that is GP.
However, I would also like to note, I know a guy that has an indy
business that is huge. He makes mega bucks. However, he used to be with
Robinson Humphrey, who got bought out by Smith Barney. He took a chance
and really made it. He is older though, but it paid well for him. I
think last I heard he pulls in about $600,000 a yr. And guys I don’t
know where you’ll are in the country but, here that goes a hell of a
long ways.

—Riley

bestmoveever, tell me about the transition. did jones give you grief? what % of your book moved. what % did you try to move? how long did it take to move your clients? what kind of contact can you make without getting into legal trouble? any other advice would be appreciated.  

[quote=bestmoveever]Goal:
Provide a real place to discuss specific transition oriented issues on leaving Jones to go indy.

Rules:
1. No Jones bashing or finger pointing WHO WOULD DO THIS?
2. No "my dad can beat up your dad"  IS HE THAT BIG?
3. No Jones Guys being defensive       DO THEY DO THAT?
Every firm has strengths & weaknesses. This is a place to discuss those & see what is a good fit for you.[/quote]

Just Joking...............

I think Jones is the BEST PLACE TO START, their training is the very BEST.....with that said, once you get up to 250K Annual Gross, start looking because you will increase your bottom line by 50%... and that's for you, not some non-producing GP living large off your efforts.

As for Indy Firms, RJ, LPL, AIG Advisor (any of th 6 Bd's) all are very good, interview and see what fits you best, not just the payout.

While at Jones get your CFP, or AAMS, CSA,CRFA, CLU, CPA or whatever flavor you want, but get educated, that knowledge will tell you it's time to go on your own.

When you go INDY, you won't have all the Regional Meetings, or Mentoring, or Recruiting Meetings, but when you go to a meeting there will be Brokers from many different Firms, what an advantage to learn from people that actually do business different than you do? 

Oh, yeh, they actually pay you from 1% to 3% First Year Annual Gross of anyone you recruit....that beats any LP(your own money) offering, if they ever have another?  this is cash in your hand

So you save a Friend at Jones who can do 250K at 1% you get 2500 at 2% 5K you get the idea, ask the Firms you are talking too what they pay for recruits.....some are even higher

I look at Jones as the Minor Leagues do excellent Training you learn the Fundamentals, when you get good enough you go INDY to the Big Leagues, Bigger Pay Days for sure!

doubleb:

I left recently & here are your answers:

Jones come after me: Yes, did it matter...not really

How much of my book: over 50%...about average

The money now: better than I ever did at Jones

Player,

Player, I’ve been watching this forum for a long time and can’t stand by and watch anymore. You are so full of sht that it’s coming out of your ears. 1% beats LP? You’re a freakin’ idiot. Is that annually? Who are you? Where are you? When were you at Jones? You are a gutless piece of sht that is more concerned about Jones bashing than having an intelligent conversation. I netted 37m last month and am going to Hawaii for a week of golfing. And by the way, I’ve been doing this for 16 years and my clients do business with me and not Jones. No complaints and a clean record. I am also not a big fan of annuities. So identify yourself or go back to your closet and spank your monkey you bitter punk.

two words for the chugger, reaction formation.



also, if you had benn indy for ten of the last 16 years, 37m net would not be noteworthy. but the the 80 net you would have made as a REAL business owner would be something to write home about. have fun golfing though… be sure to up date us on the great sales ideas you got from the Putnam wholesaler at the vendor meeting.

[quote=KoolAidChugger]Player, I've been watching this forum for a long time and can't stand by and watch anymore. You are so full of sh*t that it's coming out of your ears. 1% beats LP? You're a freakin' idiot. Is that annually? Who are you? Where are you? When were you at Jones? You are a gutless piece of sh*t that is more concerned about Jones bashing than having an intelligent conversation. I netted 37m last month and am going to Hawaii for a week of golfing. And by the way, I've been doing this for 16 years and my clients do business with me and not Jones. No complaints and a clean record. I am also not a big fan of annuities. So identify yourself or go back to your closet and spank your monkey you bitter punk.[/quote]

KoolAidChugger,  you are the JOKE........read what you wrote?  To net 37K you did 97 Gross, at any Indy Firm you would have netted even at 60%  about 58K I can take a lot of trips for 21K..................who's the idiot?

Koolaid chugger (appropriately named yourself it appears): 

I'm glad you did 97 gross.  There are many producers here who have done that more than once--myself included.  I'm also glad you have been in the business 16 years.  You must have learned quite a bit over the years--but apparently simple arithmetic isn't something you have mastered completely.  Let me assist.  To brag about a 4k (inflated value) vacation where you are taxed on it--while you left over 25k on the table is pretty ludicrous.  Don't you think?  Your net/net as an indy would be about 65% or so plus or minus a couple of % points on either side of that. 

You might start thinking a bit clearer if you started chugging Jack Daniels instead of Jones koolaid.  You wouldn't be able to drive a car granted--but at least you could pull your head out and once the hangover ceased--you might actually learn more than what big brother says is OK to learn....Step one is educate yourself.

Read my description of Indy vs Jones to get a more accuratae depiction of the real differences. 

37 net.  That is darn good KoolAidChugger. I am not about to tell you your don't have a great business.  I never netted that amount in my time at Jones.  I decided to leave at about six years and it was a difficult decision.  All I would say is just take a look around sometime.  Go out and look at what other people are doing at Indys and major wirehouses.  See for yourself.  What harm could it do.  I still miss parts of EDJ however I do not regret my decision to leave.  I wish I would have done it sooner.

By the way, this is a fee month for me.  I will net about $40,000 on gross of a little over $100,000.  Nice thing though is that amount is pretty much automatic on a quarterly basis now.  That makes for a better family life for me and my clients are happy. 

Don't close yourself off to your career options. Best regards. 

I left Jones in 1984 so keep this in perspective.  After being independent for 5 years another Indy B/D offered me 500k to come to them.  This was all done on a handshake.  In 2003, after 14 years with the same firm, another Indy B/D gave me 500k to come with them (10 year earnout).  The way I see it, I’ve received $1 million that I would never have received at Jones.  Someday, I’ll sell my business and go push up daisies.  My projections indicate that I will have 400 million AUM in 15 years.  What will that be worth?

Well said, my business value grew by 300k this year, and I didn't have to pay any LP or GP to get it.......................... 

KoolAidChugger,  Listen to what people on here are telling you! This is not BS, go look around, ask a former EDJ IR you have to know atleast one, I know about 25, check this out for yourself and your family, you owe to them

By the way you are going on a Jones trip for a week, you will over pay for the trip, I am going for a MONTH........two weeks will be written off as business, and that will pay for the whole MONTH...checkout your options

Here's a thought for the Kool-aid drinkers. Edward Jones is not a benevolent society. It exists to generate returns on GP equity just as a public company exists to generate shareholder equity.

Recently, the GP's got caught with their hand in the cookie jar. Ironically, this was at the same time they were wagging their fingers at other firms(full page ads in WSJ).

While Jones is not a non-profit service organization like some would like to believe, it is a very good firm.  And for those who get to be GP's it is a financial windfall.  For those who for whatever reason do not get to be GP's it makes sense to own your own business and build your own equity.

One last note.  A broker at a regional meeting I attended was in front of the region talking about how he would like to be a GP some day. He was dead serious. He was a guy in his late 50's at the time and would need to triple his production to even be considered.  No one had the courtesy to tell him that as a GP he would have to retire in about 6 or 7 years at age 65.  They just let him go on deluded in a thoughtless haze.  This is classic Jones. Keep dangling that carrot out there hoping the brokers don't stop and look around at their other options.

Gpwanabe:

You make a great point.  The GPs are owners.  That's why they want to stay at EDJ.  I recently heard from a GP who grosses around $750,000 and he figures his payout with all the benefits at around 70%.  Not bad eh...

Using their reasoning, someone who isn't a GP should also want to become an owner.  If not at EDJ, then somewhere else.

Exactly....

Fees top commissions at A.G. Edwards

By Jack Naudi

Of the Post-Dispatch

06/24/2005

With a general downturn in stock brokerage business, analysts expected that A.G. Edwards Inc.'s revenue for the first quarter ended May 31 would not be very impressive. And they were right.

Nonetheless, the St. Louis stock brokerage made history. For the first time in any quarter, A.G. Edwards collected more revenue from asset management and services fees, $250 million, than from commissions, $247 million.

The change reflects a nationwide trend away from commissions, where brokers make money when securities are bought and sold. Commission revenue fell 11.7 percent from the first quarter last year.

Customers are moving instead to fee-based accounts, where brokerages take a percentage of assets. A.G. Edwards' asset management and service fees rose 14.3 percent over last year.       

"While revenues overall were more challenging to come by during the quarter, we were pleased with our asset-management revenues reaching another all-time quarterly record thanks to continued growth of our fee-based programs and services," Robert Bagby, A.G. Edwards' chairman and chief executive said in a statement.

Overall, A.G. Edwards reported lower revenue for the first quarter. Profit rose, but that was due primarily to one-time revenue gains this year, and one-time expense items last year.

Despite a downturn in business nationally, A.G. Edwards' numbers were markedly better than one of its peers, Morgan Stanley. The New York firm reported Wednesday a 9 percent reduction in revenue and a 23 percent drop in profit for the quarter ended May 31.

Bagby gave partial credit to a light-hearted national advertising campaign centered on people's "nest eggs."

"We believe our branding effort, along with our other key initiatives, are continuing to improve shareholder value," Bagby said in his statement.
Reporter Jack Naudi

^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^ ^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^

What, I wonder, does this bode for that other unnamed St. Louis firm?

Doug "3" Mil Hill

We will never do fee business............................

I'd imagine it is harder to get those seperate account managers to pay the revenue sharing dollars and send the IR's & GP's on trips too.  I guess the 80-90 million Jones receives each year from it's vendors based upon assets on the books is NOT fee based revenue.....OH--but that doesn't count...lol!

FYI: Im about 30-35% fee based after 18 months as an indy.  I am counting trails from A, B, & C shares in addition to fee based programs through RJFS.  By next year I will have all my office overhead and home expenses covered with fee based revenue.  I wish I had done this years ago.

I like that way of doing business--and so do the the clients.

If jones is so great, how many independant reps hung it up last year to go work for big Ed?

How does that compare to the number of jones reps that went indy?

Zacko- If you are adding trails to your fee based and are saying that total is 30-35% of your base, I will probably at that level in another year. It seems that I do a lot more C shares than i did when I first started. if client doesn’t make a 50K BP then it makes sense to look at C’s in my estimation. The other part that you talked about covering your office overhead with your fee based business, that is a MAJOR milestone. Good luck to you in that pursuit!

CLONES IT IS ABOUT EQUITY!

Any 2bit clone can sell ICA as a good long term investment becuase it represents ownership in a portfolio of growing businesses.

At the same time many who would be better off to leave continue to "RENT" their books from 3Mil and his band of thugs.

THEY EVEN SAY LP IS LIKE A BOND!!

Thanks Noggin--Anything that pays a recurring revenue stream counts in my book.  Even A share trails count as do Annuity trails.

It's a long term process with occasional setbacks but I am sticking to it.

Zacko & noggin,

When you have enough recurring revenue to meet all your expenses, is it easier or harder to do "What's right for the client"

I mean, if you dont HAVE to generate a certain amount of commissions every month, isn't it easier to asses each clients situation and recommend investments regardless of how much they pay you.

How do the Jones clones argue against this.

Maybe, just maybe, every client does not need 3 net I mean 30 year bonds right now.

Brokerbob- I agree with you. I think it is much easier when recurring revenue is meeting your expenses to make a decision based on individual merit of the investment.

Like everyone else who has gone indy, it really boils down to a test of your faith that it is better on the other side.  We (three of us) left Jones in April, and it is amazing how quickly my opinion has changed about Jones.  Everything they told me about the other side of the fence is wrong.  It was said to keep me there, plain and simple.  And you should have heard the scare tactics used by Jones within the region to keep everyone else there.  So you Jones reps that are contemplating leaving, pull up your pants and do it, but only if you can really handle running your own business.

re the above-I left a wire and my impressions/experiences are
similar.  Those I left behind can’t believe it might actually be
that much better to be indy…so they’re afraid to make the leap…

Jones Drones & Clones

If you can handle being INDY, go for it today

I don't hate the IR's I hate the leadership, they betrayed the IR's, BOA's and a great tradition, that is what I hate, the arrogance of the Leadership..........and so should you?    Read on.......pilgrims   

Every comment I have made on here has been toward the Leadership Doug "3 Mil" Hill is the worst of the bunch of greedy GP's, they live off the efforts of good IR's , just look at how much they charge you monthly for your computer system?

Many of us asked for months about the SEC investigation, and they would never tell us the TRUTH, would they?   

Then when I saw some of the IR's they were bringing into St Louis and making into GP's, it made me sick , and what finally did it was when I herd them calling these IR's Top Producers  when they got to St Louis, and IR's out in the field knew it was a LIE ......That just kinda ruined the whole Jones ethics thing for me.

When you are a Top Producer you have pride in being one, and if your FIRM decides to start calling every GP that was an IR, a Top Producer, there is a ETHICS PROBLEM......so I left....Jones changed, I didn't........case closed

Look around St Louis and you will see I am telling the TRUTH......

[quote=Player]

Jones Drones & Clones

If you can handle being INDY, go for it today

I don't hate the IR's I hate the leadership, they betrayed the IR's, BOA's and a great tradition, that is what I hate, the arrogance of the Leadership..........and so should you?    Read on.......pilgrims   

Every comment I have made on here has been toward the Leadership Doug "3 Mil" Hill is the worst of the bunch of greedy GP's, they live off the efforts of good IR's , just look at how much they charge you monthly for your computer system?

Many of us asked for months about the SEC investigation, and they would never tell us the TRUTH, would they?   

Then when I saw some of the IR's they were bringing into St Louis and making into GP's, it made me sick , and what finally did it was when I herd them calling these IR's Top Producers  when they got to St Louis, and IR's out in the field knew it was a LIE ......That just kinda ruined the whole Jones ethics thing for me.

When you are a Top Producer you have pride in being one, and if your FIRM decides to start calling every GP that was an IR, a Top Producer, there is a ETHICS PROBLEM......so I left....Jones changed, I didn't........case closed

Look around St Louis and you will see I am telling the TRUTH......

djtrader,

Glad you agree.....................

Another one leaves,big big big producer,ex gp,ex regional leader,goes rja,bye bye edj. ir in michigan top 15 at edj

Free,

whereabouts in MI? near motown or near the Soo?

motown

Isn't it clear to all on this forum. EDJ is baaaad. Everyone else in the financial services (unless you are with MSDW) is goooood.

All together now......

Just wondering when was the last time we saw anyone else post that someone had left their firm other than EDJ. Makes you feel that this is nothing more than a forum for those who need affirmation that they did the right thing....

And you apparently then need affirmation that you are doing the right thing by staying.  What are you blabbering about anyway?  What's your point? 

7yr,

You seem to have changed your tune a bit?  I'm confident you will change it back.  Do you honestly see yourself staying at Jones for the remainder of your career?  Why would you....is a better question?

I still cannot understand why larger producers leave and take the up front check from a wire/regional.  It makes much more sense to go indy from the get-go.  Yeah...I know you can transfer at RJA to RJFS after your "contract" has expired--but you are giving up net each year you are at wire which will tend to be greater (once you add up all six years) then what you were paid up front to begin with...and after taxes (as an employee your deductions stink) even less?

I guess it's good to have choices--but some choices seem so obvious to me.

I’m new to the forum, but find this discussion rather interesting.



I left Jones a bit more than a year ago after several years with the
firm.  I agree that it was an outstanding place to hone my sales
skills, and the training was exceptional.  The problem, in my
opinion, however, was that it was – in their words – nothing more
than a sales job. 



I got in this business to have a tangible positive impact on my
clients’ lives and their financial well-being.  Simply selling
them the “preferred fund families” du jour wasn’t facilitating that
objective.  Although I was consistently “green” during my time
there, it didn’t seem that the overall goal of the firm was to
necessarily make a sustainable positive impact on clients, but rather
it appeared to be more of a revenue-driven proposition.  I can’t
tell you how many times I went to my Regional Leader for guidance on a
planning issue and was told, “Planning isn’t your job.  You’re not
getting paid for it, so don’t do it.”  He, by the way, is a GP.



Leaving was difficult, particulary because of the relationships I had
developed with many of the brokers in my region.  Interestingly,
when I left most of them stopped talking to me; it’s almost as if I
have leprecy. 



Early in the transitional period, most will question their decision
because the transition is very difficult.  But taking a 30,000
foot view of the situation has helped me dramatically.  In the
first 5 months as an independent my revenue was down
substantially.  However, in the past year, it’s up about 50% net
from my best year at Jones. 



More importantly, my clients are happier.

Great forum....it is sad but true, the firm left us, we aren't leaving the firm.

The last thing I thought I would ever do is consider leaving.  The friendships I have here are special, but I'm afraid most will evaporate should I leave....sounds like a cult to me.

There is a fine line between cult and culture....St Louis, we have a problem.  When the Putnam story broke and we refused to drop them from the "preferred list", it became evident to me that I needed to follow the money and find out why.....GP's do not want us to stop and think...we might get bent out of shape over the 88% of profits 250 GP's & subs get opposed to the 12% of profits the 6,000+ "LP owners" share.

The blindfold is off....the soapbox STL has been standing on is collapsing......and I am truly saddened by it.

[quote=ExNIRSS]

Great forum....it is sad but true, the firm left us, we aren't leaving the firm.

The last thing I thought I would ever do is consider leaving.  The friendships I have here are special, but I'm afraid most will evaporate should I leave....sounds like a cult to me.

There is a fine line between cult and culture....St Louis, we have a problem.  When the Putnam story broke and we refused to drop them from the "preferred list", it became evident to me that I needed to follow the money and find out why.....GP's do not want us to stop and think...we might get bent out of shape over the 88% of profits 250 GP's & subs get opposed to the 12% of profits the 6,000+ "LP owners" share.

The blindfold is off....the soapbox STL has been standing on is collapsing......and I am truly saddened by it.

[/quote]

It is sad.    I am an outsider.....never been a Jones-er although I am from STL.  They WERE a fine firm, but the greed got the better of them.....

Then again, when I was with AGE over a decade ago, my trainers were making jokes about Jones "touchdown bonds" back then.  So maybe they just finally got caught?  With their hands in the cookie jar?

In the end it's a sad story of greed getting the upper hand over ethics and principle.  Nothing more complicated than that.......

Exactly.

Even if Jones wasn't the revenue sharing king...even if they were straight with the "greatest salesforce in the world", they still wouldn't even come close to being indy.  Jones is minor league.

I would much rather own my own business than be a part of the self proclaimed "greatest salesforce in the world" anyway. 

[quote=zacko]

Exactly.

Even if Jones wasn't the revenue sharing king...even if they were straight with the "greatest salesforce in the world", they still wouldn't even come close to being indy.  Jones is minor league.

I would much rather own my own business than be a part of the self proclaimed "greatest salesforce in the world" anyway. 

[/quote]

Hey Zack I'm having dinner at Westport tonite at Casa!

ExNIRSS:

 Most of us who left feel the same way.  For me it was sad the day I knew I had to leave for me and my clients best interests.  I always thought EDJ was so great and so honest and dependable. I really trusted them.  There was a lot about EDJ that I loved and still miss but if I had to do it all over again, the only thing I would do differently is leave sooner.  The pigs have taken over.  Gone are the days of Bartow and others. Integrity out the window.  How sad.

As you said, "they left us, we didn't leave them."  I would highly advise anyone at Jones to leave.  It IS greener on the other side of the fence.

Enjoy the limp fruit in the crapy little salad bar. 

Just heard that another big-league EDJ guy from Extreme North MI left to go indy w LPL...$200 million book...saddened by direction of firm.

Also...has anyone heard anything new about directed trades from our preferred families?  I know this sounds dumb, but aren't we the only profit centers?  Did anybody get a call from Am funds asking to open an account to buy 500,000 shs of GE?  If these trades occured at home office, did the proceeds go to starving children in Africa or was this part of the 78% the GP's were working to earn?

Seriously.....has this been addressed already?  And please, Mr. Emoticon man...put down the Mountain Dew and Krispy Kreme's and check your blood sugar before initiating the launch sequence.  I think we agree on a lot of stuff, but you are David Duke-ing the cause...

EX, you are a bit late to the game.. That was a few weeks ago and has already been debated..

ExNirss

Did Jones have 2 that left in Mi? Are you sure he went to LPL? I know one exGP/RL went to Raymond James this month.

DT

Different guy--25 yr vet...went Aug 5th...spoke to him to confirm the story.

Guest 1,

Debated where?  On this thread?  I don't want to duplicate...I take it you are satisfied with branch 100's activity.  You may be right... 

ExNIRSS - I understand your concern in this area. Do you think this will be a bigger mess than the most certain to fall “other shoe” in the VA arena?

Truth,

I don't know...I think it will get ugly and we will be spending hand-holding time as opposed to selling time.  I'm more upset by the "you are our only profit center" line I've been believing for a decade--and passing on to recruits.....

PAY NO ATTENTION TO THAT MAN BEHIND THE CURTAIN, EH?

Sorry for the shouting there, didn't preview the post after I changed the font size...and as we all know...per $3MMHill...size matters.

Priceless....welcome to the Church of the Painful Truth, brother 40! 

Our job will not be done until we can convince guest1 & the other "owners" to honestly assess mother Jones...

Gotta go drink some more kool-aid....

I agree but still...just like the USA there are some changes we would make, but still a great place to live. Spent some time talking to a rep at one of the "other" STL firms. Specifically discussing TF bonds and there is nothing in their coffers to compare in either CY or YTB as what we are carrying now. BUT...as we all know this is about trade offs, they arent' answering free switch letters today either. (Yet)

Watch those three day weekends...............

Things they are a changin..............

If you Jonsers have the balls you need to follow the 25yr vet that just got smart................

Any reports on big departures from Jones recently?

Burlington, NC 24 yr vet a couple months ago. 

Where did he go?

Page 2 of the discussion a question was asked about how much of your book left with you; the important part of that answer and the way you should look at it when you transfer is what portion of your production will move or did move with you.  It doesn't matter if you only take 50% of your book when of that 50%, 80% or more is where your production comes from.

He went to LPL

Big producer in West Texas to UBS last week.

[quote=Cowboy93]

Big producer in West Texas to UBS last week.

[/quote]

Then I guess he wasn't a very bright big producer....lol

To any Edward Jones IR's looking to better themselves read this

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.... What happen to that only source of income being the IR's?

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 percentage!  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   By, the way ask your wholesaler, if he or she works with other Firms, what the payouts are for Indy's, most wholesaler Firms are told by Edward Jones not to discuss payouts for other Firms, and why is that? .........You won't beleive the difference!

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

Well said PLAYER....I always hear the I get 40% payout story but like you said; you get 40% of what?  Great example is insurance business.  Most know that insurance BGAs or firms themselves establish a deal with b/ds on compensation.  On top of that some b/ds take the override too so they double dip.  So when say a company like Hartford agrees to compensate Jones 2-3% of premiums that is what Jones is getting for insurance.  But, now Jones goes and takes another 60% or so from it's advisors on the insurance business they wright.  VAs work the same way too and firms like Jones, AG Edwards and a few others are notorious for taking the additional haircut. 

Imagine being free of that so you actually can get 100% payout on insurance business.  Oh, I know it isn't always about the money though, right?

It’s write stupid not wright.

For the guy in west TX that went to UBS. Why was he not very bright for going to UBS ?

Joe has bad memories of UBS.

10 REASONS I AM THANKFUL I LEFT EDWARD JONES......

10. FREEDOM

 9. HIGHER PAYOUTS ON MUTUAL FUNDS

 8. MANAGED ACCOUNTS / FEE BUSINESS

 7. MEAININGFUL SOFTWARE

 6. HIGHER PAYOUTS ON STOCK SALES

 5. HIGHER PAYOUTS ON ANNUITIES

 4. HIGHER PAYOUTS ON LTC

 3. HIGHER PAYOUTS ON LIFE INSURANCE

 2. PAYING A LOT LESS FOR COMPUTER SERVICES

 1. NOT HAVING TO WAIT TO GET A BONUS THREE TIMES  A             YEAR IF THE GP'S SAY SO, SINCE WE GET PAID WEEKLY 

Bench Warmer,



It’s interesting that you didn’t mention your CLIENTs being better off. Are there any reasons your clients are thankful you left Edward Jones?



BPD

BigPayDay

Just in case you haven't read this:

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 nebie 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 unecessary 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

Player,

" They love our financial plan..........."

What software is it?

TA