Jones is hemorrhaging...suing IRs

Is this to “stop the bleeding”, or a typical EJ response when an IR leaves?

I left over a year ago, and received the same letter.  My new firm paid the charge.

I left last year as well.  Got letter.  New firm paid.

Maybe this is how they plan to make up for the lost revenues from the revenue sharing shakedown!

New Jones slogan…“Taking cents from our investors”…Whoops, I meant “Making sense of investing”. Now the tag can be “Taking dollars from our ex-irs”.

There was a discussion of this on the "Legal" forum, with an excellent post by rrbdlawyer (our resident attorney) about the enforcement of these clauses.  Basically, all firms put them in the hiring contract and can enforce them.  But whether they actually will enforce them tends to be somewhat sporadic and random, as you have just discovered.  The smart way to do it is to negotiate a buyout by your new firm before you actually move (see above posts).  Since it appears that you did not do that, the only thing you can do now is: (1) hope they don't actually pursue this further, or, if they do, (2) hire a good lawyer. 

And just so you don't feel like all hope is lost, I have one friend that left a big wire house, received a letter, ignored it, and now two years later still has not heard anything.

Maybe this is how they plan to make up for the lost revenues from the revenue sharing shakedown!

Received the same letter.  Fired off my own letter telling them to refer all future correspondence to my attorney.  Also reminded them that I resided in a “right to work” state.  Pretty much told them to pack sand.  Never heard another word.

Get yourself a good employment attorney, ignore the letter and go to work socking as much money into fee based as you can. A year from now you will be smiling at the decision you made as I am today.

BPD-  was trading volume up or down for the quarter at Jones?  Revenue was up 1% year over year, from the numbers I just saw.  I also saw that volume was down but wante to give you a chance.   You charge commissions and not a fee?  Hmmm..... Maybe you can see some merit as to why Jones stays away from fee based business.

Truth, take note:



1. The first 4 months of this year were Edward Jones’ strongest 4 month period ever in terms of gross revenue and net earnings. EVER!



2. They came in first in the JD Power Survey for customer satisfaction, remember the survey was done in January and February of this year. (Wouldn’t you agree the customer is our most important critic?)



3. They were ranked the number one company to work for in Hawaii.



4. Edward Jones LP has paid annualized return of 22% so far this year.



5. They are in the 40% bonus bracket. (The highest ever was 50% in the late 90’s and early 2000.)



6. Last contest period over 50% of our reps went on a trip. Yes I said 50%, not the 3% - 5% that you see at most firms. Greek Isle Cruise, Beaune France, Botswana Africa, Cambodia, Amalfi Coast, Italy. I could go on but I think you are getting the idea. Oh did I say over 50%, yes I did.



I can see why so many reps who have left Edward Jones are so mad. If I left Edward Jones, I would be mad too. Wouldn’t you?    



BPD

I've been following these posts for some time now, and at long last the one thing I can be sure of is that BigPayDay is full of more shlt than a Christmas turkey.

Your moniker should be ChumpChange!

Have a nice life, Chump!

"6. Last contest period over 50% of our reps went on a trip..."

Says it all. Professionals don't have "contests".....

[quote=Philo Kvetch]

I’ve been following these posts for some time now, and at long last the one thing I can be sure of is that BigPayDay is full of more shlt than a Christmas turkey.

Your moniker should be ChumpChange!

Have a nice life, Chump!

candy bar,

you and your firm are legends in your collective mind (with apologies to Dirty Harry)

[quote=stanwbrown]

"6. Last contest period over 50% of our reps went on a trip..."

Says it all. Professionals don't have "contests".....

[/quote]

Sure, and the Pope doesn't J*rk off.

stanwbrown wrote:

"6. Last contest period over 50% of our reps went on a trip..."

Says it all. Professionals don't have "contests".....

Interesting ...

"New Hampshire securities regulators are suing Morgan Stanley, charging that in 2002 the firm encouraged its brokers to sell proprietary mutual funds by using sales contests, a violation of NASD rules."

http://registeredrep.com/news/Morgan-Stanley-sued/

envy
Pronunciation: 'en-vE
Function: noun

<?:namespace prefix = o ns = "urn:schemas-microsoft-com:office:office" />

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.

[quote=jonesnewbie]stanwbrown wrote:

"6. Last contest period over 50% of our reps went on a trip..."

Says it all. Professionals don't have "contests".....

Interesting ...

"New Hampshire securities regulators are suing Morgan Stanley, charging that in 2002 the firm encouraged its brokers to sell proprietary mutual funds by using sales contests, a violation of NASD rules."

http://registeredrep.com/news/Morgan-Stanley-sued/

[/quote]

Read the details, assuming you can. It was a regional sales manager who took it upon himself, against firm rules, to run a contest. MS was fined, he was fired.

OTOH, Jones still does firm wide "trip contests", and has offices in strip malls. About as professional as vacuum cleaner salesmen...

Stan,



So are you saying that Jones’ contests are illegal?

I knew that would get your panties in a bunch.

"Read the details, assuming you can."

How about these details...

"In addition to allowing the contests"

against "firm policy" but allowed

"In September, the NASD censured and fined Morgan Stanley $2 million for rewarding brokers in 29 instances with spa vacations, tickets to the NBA Finals and Rolling Stones and Britney Spears concerts."

Britney Spears?  What kind of firm are you working at?

"The firm also paid a $50 million fine to the SEC in November 2003 to settle charges that it pushed investors into preferred funds that netted larger commissions."

Sounds an awful lot like what us "Subway" brokers did, not very professional Stan. 

So who are you? Stan Brown or Jones Newbie?



I have noticed several Jones Bashers on this site who are using more than one screen name.



Why do you do this? Who ever you are.



BPD

candy bar,

you shouldn't stay up so late cleaning out your washroom, as it seems your reading comprehension must decrease as you get mesmerized watching the swirling colored water get flushed.

Maybe I’m in a different time zone than you. Hummm…

bpd,

I agree with X.  It's the blue swirling water, it must remind you of kool-aid    

[quote=BigPayDay]Maybe I'm in a different time zone than you. Hummm......[/quote]

Time Zone?????

You're on a different (albeit backward) planet, populated by lemmings, where logic, reason and civility do not exist.

Different time zone indeed!

Phule,

good one!!

[quote=BigPayDay]Stan,

So are you saying that Jones' contests are illegal?

[/quote]

Given the grief MS got for one region having them, it's hard to see how they aren't. Assuming they are, they're still unprofessional.

Do you have contests for steaknives and Caddies, like Glengarry Glen Ross?

[quote=jonesnewbie]

I knew that would get your panties in a bunch.

"Read the details, assuming you can."

How about these details...

"In addition to allowing the contests"

against "firm policy" but allowed

"In September, the NASD censured and fined Morgan Stanley $2 million for rewarding brokers in 29 instances with spa vacations, tickets to the NBA Finals and Rolling Stones and Britney Spears concerts."

Britney Spears?  What kind of firm are you working at?

"The firm also paid a $50 million fine to the SEC in November 2003 to settle charges that it pushed investors into preferred funds that netted larger commissions."

Sounds an awful lot like what us "Subway" brokers did, not very professional Stan. 

[/quote]

You didn't get anybodies "panties in abunch", you simply misrepresented the facts. What Jones does as firm-wide practice, MS was fined for when a region violated policy to do. The boss of the clown violating policy in that region ddn't watch close enough to know what was going on.

As to the $50M fine for selling "preferred funds" they had it coming, just as Jones did. Strange that Jones, a much smaller firm, paid a larger fine AND that a Jones exec was personally hit, eh? Says something about firm-wide policy at Subway/Jones, doesn't it?

[quote=BigPayDay]So who are you? Stan Brown or Jones Newbie?

I have noticed several Jones Bashers on this site who are using more than one screen name.

Why do you do this? Who ever you are.

BPD

[/quote]

That's some deep paranoia there, "payday". I have just this screen name, thanks.

[quote=stanwbrown]

[quote=BigPayDay]So who are you? Stan Brown or Jones Newbie?

I have noticed several Jones Bashers on this site who are using more than one screen name.

Why do you do this? Who ever you are.

BPD

[/quote]

That's some deep paranoia there, "payday". I have just this screen name, thanks.

[/quote]

Tis true, BPD, me and Stan are not the same person.  Of course, each night I have dreams of being a BSD vet broker at a real firm.  But alas, each morning I wake up and log on here to find that I am still just jonesnewbie, Subway broker.

As an aside:  BPD, you must be seriously f**ked in the head if you really thought me and stan were the same person.

It’s interesting how you both seem to sign on at the same time and leave new posts at the same time.

bpd,

It's called technology, no not the same "leading edge" technology you're used to.

CJ,



What firm are you with? Or if you are independent who do you clear through?



BPD

BigPayDay (BRAINWASHED)

It is amazing all you JONES DEFENDERS are defending those that screweed-up the FIRM, THE GP'S ARE THE ONES THAT RUINED A GOOD THING.....

ANSWER THE QUESTIONS?

Don't you have a SELF PRIDE LEFT?

What is your question?



BPD

BigPayDay, Here are your answers

Jones settled because they thought it was in the best interest of our clients and our advisors. It is very difficult to fignt the U.S. Government in court or for that matter in the press. We did not admit or deny any wrong doing. Are you say JONES DID NO WRONG, YES OR NO ! no "WEASEL" words..?

Doug Hill took the sword for the firm. I know you won't believe this, but it is the truth. HE negotiated the settlement and as he said "There is no one person bigger than the firm." "BS", HE KEPT IS BUTT OUT OF JAIL...FACT!    You are living in FANTASY LAND, CALL THE ATTORNEY GENERAL IN MISSOURI, ASK DOUG HILL TO TELL HIM, THAT IN WRITING! CHECK OUT THE WSJ, I KNOW YOUR CLIENTS DON'T READ IT, BUT YOU NEED TO, IT'S BEEN REPORTED SEVERAL TIMES, GO READ IT! 
As far as other firms not doing revenue sharing, take a look at the following:  NOT ALL FIRMS REVENUE SHARE , YES OR NO?  i SAY NO, WHAT YOU SAY?

http://www.americanfunds.com/pdf/mfgepb-905_gfab.pdf

see page 26.

Yes there are SEVERAL indy firms on the list including Ray Jay and LPL. BUT NOT ALL, ARE THERE ?

As far as Jones being a laughing stock, I doubt it. Maybe to you Jones Failures, but our greatest critic, our clients, in a survey done in Jan and Feb of this year ranked Edward Jones #1 in customer satisfaction. We don't have to answer to the press or envious, jealous Jones failures like you. We serve our clients. Period.

Actually I was very successful at Jones, a Partner, always made top bonus level, recruited, and trained for the FIRM, I got PO'd because the GP's would not fully disclose what was going on , and kept telling us that the "SEC" CHECKING US(JONES) OUT WAS NOTHING! THAT WAS NOT TRUE, WAS IT?

THE GREED OF THE GP'S FINALLY CAUGHT-UP WITH THEM AND THE FIRM, YES OR NO ?

lthough we do not do Wrap Fees in lieu of commission, we do have a Fee Based Advisory program for HNW who are investing $500k or more. Most folks investing under $500k can invest less expensivly than a Fee Based pogram and usually aren't in a high enough tax bracket where writing off the advisory fees helps their taxes. YOU NEED EDUCATION, AND FACTS IN THIS AREA, CHECK IT OUT...THERE IS A REAL WORLD OUT THERE FOR YOU AND YOUR CLIENTS TO DISCOVER, like full discloser, of FEES & CHARGES, and JONES is not close to the lowest!

A few months ago you, Lance Legs, & uwec something or other were saying Jones didn't have enough capital to stay in business. Well guess what? We just had our best trimester in the firm's history. We are in the 40% bonus bracket, almost as high as the heydays of the late '90s. Our limited Partnership, which as averaged 22% since 1990, is at an annualized rate through the first 4 months of over 20%. Over 1/2 of our IRs went on a diversification trip last contest period. Did I mention being the Lexus of the Financial Services industry with our highest Customer Satisfaction rating in JD Powers annual survey? Jones dumped $58million into our profit sharing plan last year. (How much of that goes towards GPs? Zero!) Should I go on?

Get your Facts straight:

1) PLAYER never said such a thing as Jones had a Financial Problem, California could change that?  DO NOT PUT MY NAME WITH THOSE OTHERS

2) JD Power award never asked those clients "How would you feel if Edward Jones got fined for 75 Million Dollars by the SEC, but didn't feel their clients were important enough to tell them about it ? 

What do you think the rating would be then?

3) Your Ir's going on Trips, they pay taxes on, revenue they produced and they live off 38%, so getting back part of the 62% you left on the table is not really too smart is it ?  There is no FREE LUNCH or TRIPS, even at EDWARD JONES?

It isn't as bad as you Jones Bashers (i.e. Jones Failures) wish it was.

I LEFT WHAT IS YOUR EXCUSE?  How can you stand your FIRM , not disclosing to your CLIENTS, what has happen...or can you justify anything...like Bill 3 Mil Hill the FRAUD JUMPER? 

You need to get Jones out of your head. Move on. Life's too short. You may want to seek professional help.

BigPayDay, I have moved on but when I read Hippocrates like you touting how GREAT THE FIRM IS, when the FIRM has failed to be HONEST to their CLIENTS....I FEEL ASHAMED,for Ted & Edward Jones, they would be rolling over in their graves, wouldn't you?

I don't understand how you have put up with out demanding FULL DISCLOSURE for YOU & your clients, or DOESN'T THAT MATTER TO YOU?

ASK YOUR CLIENTS WHAT THEY THINK ABOUT IT, IF YOU HAVE THE GUTS? 

I feel us x-jonsers care more about the integrity of the Firm's past,  than you hanger on's, at least we could look our clients right in the eye and say we have explained everything they should know about our GREAT FIRM, can you really do that now?

Big Pay Day
________________________________________
The Grass is GREENER where you water it!

BigPayDay

BigPayDay (Brainwashed),

At least I can answer questions, let's see what your answers are ?

Are you AFRAID of the TRUTH?

There has never been a JONES SUPPORTER on here yet that has answered QUESTIONS, they only fire back insults...is that how they are teaching salemanship at Edward Jones......

SHOW US WHAT YOU ARE MADE OF "PUNK" make my DAY....