What was your eye opener event at Jones?

I had a similar event.  My RL was jumping up and down about the current bonus bracket at the time, and telling us newbies to keep up the good work so his bonus would be high.  He also told us we needed to recruit new people so we would be in the same position 10-15 years in.  I felt like I was at an Amway meeting!!

I agree with you about the door knocking.  I recently left because they fill you with so much BS that you finally get your eyes opened to reality.

It was a gradual redemption:

1) Being told by another broker about the "Law of American Funds"...as in they are "Guaranteed" to grow at 12% a year.

2) When a certain Nebraska Jones Legend's ( as in "the toolkit" , for the Jones insiders) Son in Law said to me..."You have an MBA...WTF would you do that for, an absolute waste of time and completely unneccesary in this business".  It is..hmm, I thought when I read the financials of a company, or look at an efficient frontier, or discuss the current capital market line assumptions I was supposed to understand them...I just didnt realize I wasnt supposed to know this stuff, silly me. 

3) When they hired a former beer truck driver

4) When I sold $50,000 of a C share to a client worth 9 million...and compliance took me through the wringer.  The compliance officer had to call the client and discuss it with him.  Needless to say...the client was not impressed by this.  This guy wasnt going to pay a load...period...but I got his business...and now we are discussing a 3 million portfolio that never would have been possible at Jones.

This is going to be a fun thread.

I love not being there!

Endless door knocking quotas and the constant breathing down the neck by reps in the region to do more…more…more and the endless line of “what’s best for the customer” and in reality - sell, sell, sell. Bottom line - was a sales job first. Financial advisor second. Worried about hurting clients while begging for trust.

When I left Jones I was making a whole $6000 gross in trails/ yr. Today I make about 160k gross in fees and trails. It took me only 2 years after Jones to acheive this, not 13 years. what a dumbass!

repwork: ...Worried about hurting clients while begging for trust.

----------------------------------

Wow. That line succinctly describes my first few years at Dean Witter.

Looking back on it, my eyes started to open when staying at that crappy Westport hotel (with a roomate) being served the equivalent of hospital cafeteria food the whole time in St Louis..............

However it took me another 18 months or so of hearing regional leaders and GPs tell me how Jones was the only logical place to work in the whole industry and everyone else who didn't work for Jones must be either crazy or dishonest....

Lied to by multiple GP’s to protect the financial interests of a GP. No lubricant or nothing. Unpleasant.

Pretty gradual progression here too.  One moment that stands out is when the tech rep for our region was given his token 10min to sell us all the tech pipe dreams Jones was getting ready to roll out.

Of course, someone asked where the email that has been talked about for 5 years.  His response was priceless.  He said we could not have email right now because it would require the firm to add an additional BOA to every branch to handle the massive volume of correspondence.  At that point the BS reached a terminal level and I knew I was done.

Everything I heard or saw at Jones after that had a whole new context.

ctlatinger wrote:

It was a gradual redemption:

1) Being told by another broker about the “Law of American Funds”…as in they are “Guaranteed” to grow at 12% a year.

2) When a certain Nebraska Jones Legend’s ( as in “the toolkit” , for the Jones insiders) Son in Law said to me…“You have an MBA…WTF would you do that for, an absolute waste of time and completely unneccesary in this business”. It is…hmm, I thought when I read the financials of a company, or look at an efficient frontier, or discuss the current capital market line assumptions I was supposed to understand them…I just didnt realize I wasnt supposed to know this stuff, silly me.

3) When they hired a former beer truck driver

4) When I sold $50,000 of a C share to a client worth 9 million…and compliance took me through the wringer. The compliance officer had to call the client and discuss it with him. Needless to say…the client was not impressed by this. This guy wasnt going to pay a load…period…but I got his business…and now we are discussing a 3 million portfolio that never would have been possible at Jones.

My first wakeup came in the spring of '87 when rates spiked and the
govie funds that everyone sold were tanking.  Jones had just
started putting mutual fund values on their statements and our
conservative clients weren’t happy losing $$ on their "safe"
investments.  Plus there was alot of bad press about a big Jones
IR in northern Indiana, Rick Seaman, that had sold a ton of van kamp
& putnam govie/mortg funds as “no load, government gaarunteeed, get
all your money back anytime investment”-well, that worked ok for him
until the fund values started showing up on the statements.  Lots
of bad press later and Jones paid out zillions to settle up. So our
regional GP called a meeting to calm all the newbies down.  He
writes 10 names on the board: Baldwin bonds, Petro Lewis, etc. He
finishes writing, jokes, saying he’s sold all 10 of these bricks to his
clients(bonds, underwritings, sydications of EDJ), they’ve all gone
belly-up & his clients have lost all or most of their money…"but
he’s still in business and his clients still think he’s ok.  
Don’t worry, we’ll get tru this because our clients STILL THINK we’re
the conservative, safe investment company."



I’m somewhat thick and it took me a few more hits before I finally
understood the disconnect between the Jones reality and their false
advertising as a conservative, client oriented investment company.



The recent  75mil NASD fine and CA proceedings prove that things haven’t changed much at Jones since the mid 80’s.

I never bought into all the BS ie "we are the only ones who do it right " etc but my real eye opener was my first “10k gross” month and I only took home around  $2500.  

The light went on for me when this “family” organization decreed that my significant other couldn’t attend summer regionals, and my son had to spend his time alone while I was in meetings.  And then, since I was getting a production award, I thought I might take him with me to the Sat nite dinner, and was told NO… that wasn’t allowed.  Family… yeah, right.

EWO,

I'm not sure how old your son is but there are several programs for all aged children at the EJ summer regional meetings, which I believe you are referring to. The last place my children want to be is at a meeting with me. My kids love to meet new friends at the summer regional meetings. Maybe you should teach your son how to make friends.

So you think Jones should pay for a room for you and your "significant other" to stay in? Is that what you are saying?

Oracle: Does buy and hold work for WCOM,LU,MIR and MANY others the jones gang have pushed? 

hey big O

love your "signature"

Guess you weren't around for Baldwin United,  "whoops", NT, WCOM, Enron, K

When I finally was able to decipher the so called P&L report and figured out that it was a shell game.

When a newbie Goodnight (given 30M on a silver platter) who could find his d$%k in the dark was held up as a shinning star and was standing up and lecturing us all on his success.

When I broke my ankle in 3 places and Jones put a TR in my office for 8 weeks and still paid me all the commission. (over 15k net a month) Took care of my clients while I was out for 2 months.

[quote=Oracle]

EWO,

I'm not sure how old your son is but there are several programs for all aged children at the EJ summer regional meetings, which I believe you are referring to. The last place my children want to be is at a meeting with me. My kids love to meet new friends at the summer regional meetings. Maybe you should teach your son how to make friends.

So you think Jones should pay for a room for you and your "significant other" to stay in? Is that what you are saying?

[/quote]

How about buy and hold for KM and ENE?  CSCO?

This is a funny board how the Jones reps punch in occasionally. 
When I graduated college I thought Jones was the cats meow.  I
didn’t go with them only because they didn’t want to place any office
in my area at the time (this was a LONG time ago). 



When I did the CFP classes a Jones rep was in there and he was so sold
on Jones I asked him questions.  His blind devotion was very
interesting to me until he told me stories of the gung ho motivational
meetings he had and with management and how much money he potentially
could make and the door knocking.  I learned in college that if
meetings revolve around how much money you “could” be making, it
probably wasn’t YOU that was going to be making it, it was the people
giving the speech.



A family friend went to work for Jones in a small rather poor rural
town.  He told me how wonderful it was and in his third year he
made $30k!  Seemed odd to be so devoted when that was the money
being made but I figured what the heck.  Then in the 5th year they
stuck a second office in his town and his income took a 20% hit. 
He quickly lost devotion but felt stuck with the company because he’d
been selling Jones greatness instead of himself to his clients.

Sick of tired of "Jones" talk....never ends. Most of you people that talk the trash about Jones, don't even work there anymore. SO WHO CARES! If life is so great now why don't you keep looking forward and stop looking back on how it WAS. Wow, they must have messed with your heads.....but prolly not.

Prolly not????  Are you by chance a beer truck driver? Also, one of the main reasons we continue to talk about the fuller brush company of financial services is to let individuals know what they may be getting themselves into.

God bless, and don't forget tomorrow is Friday, you must deliver the beer to all the stores.

Liquidasset

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.........Jones appeal just got turned down and they are going to court, unless Edward Jones settles.........

  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...... 

This is way too much fun

 Does that answer your question?

It never get's to the stores, I drink the profits.

Have a good one!

This just in…



Drum Roll please…



Edward Jones has been Ranked No.1 for the 13th consecutive year in Registered Representative’s Brokerage Report Card.



It will be in the December edition.



BPD

[quote=BigPayDay]This just in........

Drum Roll please.......

Edward Jones has been Ranked No.1 for the 13th consecutive year in Registered Representative's Brokerage Report Card.

It will be in the December edition.

BPD[/quote]

This should have been posted on the Kool-aid thread.

Ex,



The Kool Aid has tasted pretty good over the last 25 years evidentally:



http://www.edwardjones.com/pdf/PressKitMap.pdf



BPD

[quote=BigPayDay]Ex,

The Kool Aid has tasted pretty good over the last 25 years evidentally:

http://www.edwardjones.com/pdf/PressKitMap.pdf

BPD[/quote]

bpd,

Wasn't the UK at 100 branches four years ago with promises of larger growth ... so why at 84 and stagnant

Why is Quebec at only 14 branches, with a population of nearly 7.5 million (almost 1/4 the population in Canada) after your firm has been in Canada for over 10 years?

Of the 554 branches in Canada ..... how many are "open" locations?

Why have so many GPs been "rotated" through the UK?

Once they (gps) go to the "great white north", how come they haven't been able to "go back home" (although they've interviewed for positions in stl?)

BPD,

You must be getting a large part of that $.62 of every dollar Jones IRs earn to preach like you do.  Look at the companies w/ whom the report is with; not many of us compare jones to other wirehouses, we compare jones v indy and how their line of crap is just that.   But hey if you want to be an employee v an owner all your life, best wishes.

Oracle, my son is really good at making friends, and there was NOTHING planned for teenagers.  Oh… the RL did want him to babysit for him, so he and his wife could attend all meetings and socials.  Fun, hmmmm?  And, why shouldn’t I be able to attend summer regionals with my significant other…I choose not to get married… is that my employer’s business? 

at jones it is cuz their biz is your biz.

Registered rep Reportcard is rated by the brokers.  MOST OF WHO HAVE NEVER EVEN BEEN TO ANOTHER FIRM so they have nothing to compare it to.  A 3 year broker at Jones rates the tecnology and the research top notch....I love it! 

Registered rep Reportcard is rated by the brokers.

Exactly, the inmates are rating the asylum.  The people remaining or still at Jones, of course, would have a high opinion of themselves and their place of work.  The rest of us who have moved on are not included in the survey. That would certain produce a different result.

This is where the replies defending the comment disappear.

[quote=babbling looney]

Registered rep Reportcard is rated by the brokers.

Exactly, the inmates are rating the asylum. The people remaining or still at Jones, of course, would have a high opinion of themselves and their place of work. The rest of us who have moved on are not included in the survey. That would certain produce a different result.

If the inmates truely rated their asylum, would they give it high ranks?

Perhaps that was a bit harsh .  But sure they would since they have nothing to compare it to.

It is like being in a bad marriage.  You don't know how bad or unsatisfactory it was until you get divorced, have some distance to reflect, and then have a great marriage to be able to compare the experiences.  True story.

Costa Rica is lovely.  We are on the West coast.  The trips are very nice for people who don't mind structured travel and haven't had the opportunity to travel before.  Don't get me wrong. I think that they can be a nice perk for some people, but they didn't ring my chimes and were not an enticement to "perform" as demanded.

[quote=eddjones654]

[quote=BigPayDay]Ex, The Kool Aid has tasted pretty good over the last 25 years evidentally: http://www.edwardjones.com/pdf/PressKitMap.pdf BPD[/quote]

bpd,

Wasn’t the UK at 100 branches four years ago with promises of larger growth … so why at 84 and stagnant

Why is Quebec at only 14 branches, with a population of nearly 7.5 million (almost 1/4 the population in Canada) after your firm has been in Canada for over 10 years?

Of the 554 branches in Canada … how many are “open” locations?

Why have so many GPs been “rotated” through the UK?

Once they (gps) go to the “great white north”, how come they haven’t been able to “go back home” (although they’ve interviewed for positions in stl?)

about as many fee based platforms your firm has to offer.

Ouch!!!

How 'bout an open ended question for the Jonesers.

Under what scenario would you leave Jones and go to another firm?

I left when:

I decided I wanted to manage money using a fee based platform.  I came to the conclusing this way of doing business was better for my clients, me, my family, and my peace of mind. 

A local IR got preferencial treatment in the last LP offering.  I couldnt figure out how he got more than me when I was more profitable.  Then I found out he is a relative of the RL/GP in our area.

Screwy P&Ls that were screwing me.

Limited tools to do planning.  Limited products.  Unintelligent environment.  "Buy and forget."

I got sick of all the holier-than-thous that I had to put up with.

I saw a friend build up $50,000 in fee based business with in 8 months after leaving.      

I only wish I had left sooner.  THe fee based business has grown much faster than I ever dreamed it would.  First 1 1/2 years were difficult though I will admit.  I had a lot to learn.

Here's a story that told me all I needed to know about Jones;

It was starvation time in one of the dull moments of the mid-90's when Mr. Bubbles was doing water torture a 1/4 at time and Hillary was nationalizing health care. We had "conference" in Hersey PA. near the chocolate kingdom at a dive of hotel with about 150 mostly newbie brokers. For some crazy reason I joined this firm as transfer and I just happened to be at the top of class based on the strange way they measured everything. Anyway, most of the people were starving. Some were going bankrupt. The motivational speaker was a guy who spent 8 years as POW in Vietnam. Not that I didn't respect him but there was something a little draconian in the message here. Then the GP follows up and tells the story about broker who didn't use heat for a year but was now a success at Jones.

By then I realized it wasn't a business but a cult to encourage such irresponsible acts. Although I was only there for a year 85% of my "class" was gone before me. I started at ML as many did and I thought that was cold but Jones was worse. At least at ML they were honest and didn't try to suck you down by manipulating you out of "expenses" while still trying to "own" your accounts. This is a basic issue with the firm.

I don't know if it's improved but they also had a habit of defaming, often in some small way, just to mark your u-5. It took me 2 years for them have a slander retracted off my record.

How about the IR porking his BOA and in walks the Regional Leader…

[quote=Player]How about the IR porking his BOA and in walks the Regional Leader....[/quote]

I missed that one!

Well, that would certainly open my eyes.  

It could have been worse.  Could have been his wife who walked in, or a client who held some moral principles. 

What was my "eye-opener" at Jones? It's so hard to choose...

Maybe it was the regional meeting where the RL came in dressed as a superhero, complete with green outfit and cape, calling himself "Captain Visine". As in, he "gets the red out" - red IRs being those who underperformed.

Or maybe it was the regional meeting where we were all issued "Edward Jones Thunder Sticks", and encouraged to bang them together for every lame award handed out. It was humiliating - and deafening.

Or maybe it was the regional meeting where we all played "Edward Jones Jeopardy", and were programmed with the rewritten history of the firm. I assume that the current version of the game has no category "$75 million".

And others. There was one good thing about those meetings, though - there were no guns present, so I couldn't atone for the embarrassment by killing myself.

Ugh. I finally went back to selling used cars, and am now active in politics - two areas where I can respect myself.

captain visine? wow, my regional leader did that too. also the sticks. can there really be 2 idiots doing this?

You gotta be kidding me?  I guess this was Bachman’s idea?

Ever think, guys, that you might be in the SAME region?!!!

At any rate, that is an incredibly lame idea...don't blame you for bailing on such a cheesy organization...

Captain Visine! that is freakin’ hilarious!



Did anyone get video?

And then there was the time he bought us all copies of "Green Eggs and Ham", read it aloud at the Regional meeting, and built an entire session around the messages for better business building in the story.

It was the infamous Tom Bartow who read the entire firm "Green Eggs and Ham" over the sat video/audio system about ten years ago.  The reference was to get new IR's to ask for the order.  I won two DR. Suess T shirts with "Sam I am" and the green eggs on the front.

Stuff like that was kinda hokey but--they are actually some of the better memories I had from Jones as a noob.  Once the greed and selfishness of the top GP's (as well as the arrogance) took over--that was enough for me. 

I still have my T-shirts and will occasionally wear one as they always get a good laugh.  Bartow was a classic and didn't care for management's "new attitude" and he bailed.  He was hardcore but probably the best sales trainer Jones has ever had.  If you did exactly what he said as a new broker (and you often did out of fear) you just knew you would make it.  There is nothing like seeing a keyboard getting smashed in front of your face to get your attention.  Or, a 6 AM jog to get your day started.  He actually took roll.  AND everyone showed!    

Another for me, as I think about it, was the final straw was another Jones advisor and I had a great opportunity to do a 1 hour radio show with a very strong radio station in our area on Saturday mornings.  Unfortunately, the independent thinking and freedom loving jones was having none of it.  Another great example of how restrictive they are compared to true independence.

WOW, I too remember that, and some of my best memories came on the Saturday promo's, and I won a lot of stuff from shirts to hats, chicken, steaks,etc. 

There was a lot of corny stuff, that was very funny, but Zacko nailed it above..........Greed and Arrogance of GP's did take over...and ruined it..........

I had so many shirts and hats, coats with Edward D Jones and Edward Jones Investments, I gave them away, in fact yesterday I saw a guy holding a sign on the freeway exit asking for money and I swear he was waring my Jones hat and sweat shirt.........how the times have changed  

I won ten turkeys once too…gave em all away.

Bartow was, and is, a freakin' idiot as far as I'm concerned.  All of his wanna-be drill sergeant antics are a lawsuit waiting to happen in today's workplace.  I did the military thing.  Was pretty damn good at it, too.  Having some jack-off like Bartow acting like a "Gunny", trying to make an example of people in front of their peers is stupid and demeaning.  I got up and walked out of his training session as the RL looked on in horror.  He buzzed right over to my office as soon as the thing was over to let me know how I had embarrassed him and the firm.  He went on to say that the session I had walked out on was "mandatory."

I responded by saying he and Bartow were an embarrassment, and that the definition of "mandatory" meant there were consequences for not complying.  I asked what the consequences would be.  When he didn't respond, I told him I wouldn't be attending in the future, either. 

[quote=csmelnix]Another for me, as I think about it, was the final straw was another Jones advisor and I had a great opportunity to do a 1 hour radio show with a very strong radio station in our area on Saturday mornings.  Unfortunately, the independent thinking and freedom loving Jones was having none of it.  Another great example of how restrictive they are compared to true independence.[/quote]

csmelnix,

Please refrain from calling Edward Jones Investment Representatives (IR's) "ADVISOR", as you well know they can't advise on anything, nor can they have any other title than IR on their card or stationary.  Independent thinking is not part of the Kool Aid, and freedom is just another word for Gestapo, or follow the Firm line or be banished, you won't get LP for that kind of talk..............your point is right on..

The word Dictator sounds like Managing General Partner at Edward Jones, answers to no one, can only be over thrown my the State Attorney General and the SEC.............There is no FREEDOM, only GP's (Greedy Parasites) ignore and just go on like nothing ever happen........Kool Aid will  you up...............

Forgive me mistake.

Soothsayer - great to hear somebosy finally say that - my thoughts exactly!

I love the following - this is what's different about the selling agreements Jones has:

From the mid 1990s until the present, Edward Jones has had selling agreements with upwards of 240 different mutual fund families. Seven (7) of those mutual fund families became known as Edward Jones’s “Preferred Families” of funds. The Preferred Families included American Funds, Federated Investors, Goldman Sachs Funds, Hartford, Lord Abbett, Putnam Funds and Van Kampen Investments.

The mutual funds in the Preferred Families paid extra incentives to Edward Jones in return for Edward Jones soliciting/recommending its clients to purchase these funds. The SEC determined that the incentives were worth tens of millions of dollars each year to Edward Jones, on top of the commissions and other fees Edward Jones received for selling Preferred Families funds. The incentives proved to be powerful motivators, as more than 95% of all Edward Jones mutual fund sales were made in these 7 Preferred Families.

However, this incentive program was not adequately disclosed to the clients of Edward Jones. This left clients of Edward Jones unaware that Edward Jones had a strong motivation to recommend the purchase of the Preferred Families to the exclusion of the other fund families they could recommend, regardless of the client’s best interests.

In December 2004, Edward Jones settled the charges brought by the Securities and Exchange Commission (SEC, press release, Order Instituting Proceedings) and, the National Association of Securities Dealers (NASD, press release, Letter of Acceptance Waiver and Consent), which are the governing bodies of the securities industry, as well as charges brought by the New York Stock Exchange. The charges involved Edward Jones’s failure to disclose to investors the extra incentives it received for recommending certain mutual funds. To settle the charges, Edward Jones paid a total of $75 million dollars.

On the date that this settlement was released, the California Attorney General (press release, Complaint) filed an additional suit against Edward Jones. The California Attorney General stated that he did not believe that the $75 million settlement was sufficient. The California Attorney General also stated that Edward Jones could have accepted up to $300 million in improper payments.

Edward Jones has also entered into a settlement with the securities regulators in its home state of Missouri. In the settlement Edward Jones stipulated and agreed to findings that it failed to adequately disclose the revenue sharing arrangements to Missouri residents and agreed to pay fines totaling $1.5 million. (press release)

If you have lost money while invested with Edward Jones, please contact us today. We can determine whether Edward Jones violated your rights.

We help people who have suffered losses as the result of investment fraud such as this and will work on your behalf to recover losses that you have sustained.

I remember a story about him singling out some fat guy and said there was no way he could be successful because the way he looked.  Got to admit it was funny, but no way this would fly today.

[quote=The Truth]

I remember a story

[/quote]

Hi Truth,

At least now you are willing to admit right up front that whatever you post is a "story."  What was the last story you told?  Oh yeah, that's right, something about having a conversation with an imaginary Jones client about the free switch letter.  Of course, that conversation was had MONTHS before there ever was a free switch letter.  As I said before, go back to your hole.  Or at least come up with a new login name.

Player:

...in fact yesterday I saw a guy holding a sign on the freeway exit asking for money and I swear he was waring my Jones hat and sweat shirt.........how the times have changed  

--------------------------------------------------------

Maybe he was really a broker and the "door-to-door" marketing strategy just wasn't working for him, so he's testing a new marketing strategy. Didn't see him holding any mutual fund brochures, did you?

As a young rookie broker--Bartow helped me a good bit.  While he wasn't my favorite person either, I learned alot from him.   While his methods may have been questionable--they helped me become better and in some way pushed me to operate at the high level I do today.

If I had his address I would gladly send him a handwritten thankyou note. 

I would send him a book on common etiquette (sp?) and a bottle of scotch to mellow him out a bit.

[quote=zacko]

As a young rookie broker--Bartow helped me a good bit.  While he wasn't my favorite person either, I learned alot from him.   While his methods may have been questionable--they helped me become better and in some way pushed me to operate at the high level I do today.

If I had his address I would gladly send him a handwritten thankyou note. 

[/quote]

Zacko,

He is with American Funds, check with your whoresaler with American. 

I appreciated Tom's work ethic, and he could be very hard on you just like a DI, however, once you hit 10K net he was your best friend, he liked success, and at Jones that was 10K net or 25K gross, he just expected more of you, they screwed-=up when he left.

Like the song the day the music died, or the day the recipe died

Jones folk are kinda different in regards to the pride they have in how they do what is best for the client.  Strange in this dirty industry isn't it? 

We know we do it right...lots of the other firms preach (push)annuities, wrap accounts, market timing/churning.  We preach annuities w/out surrender fees and half the expenses to the client.  Pays us less money, but better for the customer.  Hmmm....  No fee based accounts just buy your mutual funds with A share expenses and hold for 20 years.  Hmmm...do the math on A share versus fee based account over 20 years and see which comes out better for the client.  Math doesn't lie if you don't believe me.  Check the SEC website for a mutual fund cost calculator.  I got to figuring what I needed in C shares or a wrap account versus having a book of A shares.  Wrap fee broker or annuity broker gets just as much in trails from $20M under management as someone that had $80M in A share funds.  Strange huh.  Is that best for the client or the broker?  My thoughts are that there are so many people on here that leave Jones in the first few years to go somewhere else because they can't hack it the ethical way.  The "say" they make more money at the new firm.  But it is strange the payout portion is much the same.  Hmm...  If they make more money it is usually because they do things the easier less client friendly way by selling things that pay themselves more money. Annuities, wraps, and market timing (churning) They get on here and bash the firm.   I think the Jones guys and gals are just proud that they have been able to build a sound ethical business the client friendly way.  Yep, there are other firms with brokers/advisors that do it the "right way" for the client but not may other firms that structure their business model the "right way" for the client.  I think the Jones folk are just taking up for themselves and the ethical businesses that most Jones folks have built.

Why don't you call your friends that have left the firm say over a year ago.  Ask them what their ROA is at the new firm compared to what they had at Jones.  This might change your mind when you mentioned brokers "say" them make more money and this must be the result of churning.  Just trying to help you out.

My thoughts are that there are so many people on here that leave Jones in the first few years to go somewhere else because they can't hack it the ethical way.  The "say" they make more money at the new firm.  But it is strange the payout portion is much the same.  Hmm...  If they make more money it is usually because they do things the easier less client friendly way by selling things that pay themselves more money. 

My thoughts are that you are so full of bulls#*t your eyes are turning brown.  

I make more money as an Independent than I ever did as a captive agent at Jones for several reasons that have nothing to do with being "unethical".  The payout portion is not the same. I have much higher payout on the brokerage side, approximately double the payout when at Jones, and a 100% payout on life insurance products.  I am not restricted in the life insurance and long term care products and I can also offer medicare supplemental coverage (can you?).  My cost of doing business is LESS than when at Jones and is amortizing out nicely if you consider the thousands of dollars I had to spend the first year to set up a professional office.  I can control my cost of doing business.  I recently hired a part time office assistant and I can decide how much to pay and how many hours she works.

And wtf is this client friendly crappola?  I am able to be more client friendly by being able to concentrate on my clients needs instead of being forced to push the bond or stock dejour at everyone.   Instead of an arbitrary "25 calls/contacts a day"  I can decide to contact 25 or 2 or any other number I feel like.  Obviously if I sit around and don't make contacts and prospecting calls I am not doing myself or my clients any good.  BUT my contacts instead of being "sales" (If you have the money available I think you should buy some TODAY) calls, my appointments are in depth analysis of all of my client's needs, goals, insurance coverages and investments.   Because I am not under the hammer from some corporate office to make a nut each month, I don't feel the pressure to SELL SELL SELL products. My clients and prospects also can tell that I am not out to SELL them something.  If you don't believe that they can tell the difference you are fooling yourself.   The best business happens when you let it come naturally.  

You should read some Og Mandino. Here are a few quotes.

"Beginning today, treat everyone you meet as if they were going to be dead by midnight. Extend to them all the care, kindness and understanding you can muster, and do it with no thought of any reward. Your life will never be the same again

Take the attitude of a student, never be too big to ask questions, never know too much to learn something new.

To do anything truly worth doing, I must not stand back shivering and thinking of the cold and danger, but jump in with gusto and scramble through as well as I can.

You never know what events are going to transpire to get you home.

You Jones guys need to get over this penis..... ooops I mean firm envy.  The mine is bigger and better than yours mentality.  First of all get it through your head (and I do  mean the one on top of your shoulders), if I am independent I don't work for a firm.  The b/d I work through is immaterial to my clients and to me.  I use a DBA and have a minor role on my letterhead and so on for the b/d.  

There are many ethical brokers at Jones.  The objection is this annoying holier than thou attitude that they come across with.  As if they hold a monopoly on being ethical.   Here iare some more definitions for Webster.  

Fanatical   marked by excessive enthusiasm and often intense uncritical devotion <they're fanatic about politics>

Sanctimonious   affecting piousness : hypocritically devout; also : indicative of affected piousness

I don't like fanatics and sanctimonious pricks in politics, religion and especially in the workplace. 

Babbs - say it louder. 

Looney--

Great post--yet again.  Why do I get the feeling that you're kind of hot, too.  Does hubby-wubby know what he's holding on to?

Babbling Looney:

You make some good points.  I realize independents will make more money.  What I meant was that people moving from Jones to a real broker dealers, not independents.  Everyone knows you guys make more money.  But lack or resources, lack of stock analysts, lack of many things make it less good for clients (usually).  Some clients it won't matter, the normal mutual fund DCAs and some normal rollovers, etc.  But when comes to getting stock advice, CMOs, getting good supply of bonds, and service from whole salers, it just makes sense that a large broker dealer is going to have more resources and usually better for clients.  It sounds like you must have washed out early if you were under the gun for the 25 contacts per day. 

"Lack of stock analysts"

That made me laugh so hard that I wet my pants.

Boy, I really feel empty going to work without Dave Powers and Art Russell on my side.

And for the final time, you freakin' stupid jackass, not everyone "washes out."  Most people on this board went on to be far more successful, and make more money than they ever did under the employ of Jones.  I consider myself about 1/2 to 3/4 time now in this business, and I made more money in my "other business" in 2005 than I ever did in a year at Jones.  And, right now if I chose to sell my book, I'd probably get 300K if I gave the thing away.  How much would you get if you left Jones to go back to driving the Schwann truck?

You make some good points.  I realize independents will make more money.  What I meant was that people moving from Jones to a real broker dealers, not independents.

A real broker dealer!!!  How condescending  and supercilious can you be?  Look it up. I'm tired of giving you guys definitions to describe how pathetic your world view is.   Right .....the rest of us independents at pretend brokerages like Raymond James, LPL and so on are just deluding ourselves that we are "real" brokers like you big important Jones guys.  Gee, I wish I could play in the big sandbox.

Everyone knows you guys make more money.  But lack or resources, lack of stock analysts, lack of many things make it less good for clients (usually).  Some clients it won't matter, the normal mutual fund DCAs and some normal rollovers, etc.  But when comes to getting stock advice, CMOs, getting good supply of bonds, and service from whole salers, it just makes sense that a large broker dealer is going to have more resources and usually better for clients. 

Listen up, clueless dweeb, I have more resources and access to stock advice than I ever did at Jones.  Instead of being proprietary advice, I have impartial sources, which I do have to pay for, of course.  That is part of balancing the cost of doing business with the return on expenditures.  I can use technical or charting sources and fundamental sources.  I do both. As to the selection of bonds and CMOs my access to product is again much larger than the limited selections allowed at Jones.  You do realize that when you guys get a Fannie or Freddie issue to offer, that the offer you get to sell is just the tip of the iceberg.  There may be 5 or 10 positions in the offering and you are only allowed to offer a selected few.  I on the other hand am able to decide what to offer to my clients. 

It sounds like you must have washed out early if you were under the gun for the 25 contacts per day

Who said I was under the gun for 25 contacts a day?  You assume.  I don't like people telling me what to do or trying to control my business. (Reference back to the Freddie discussion, which is probably one of the things that also made my decision for me to move on.)  It might be a character flaw  I must admit.  BUT it is also why I am a successful independent and not a drone at someone else's business. 

Now, if you are happy at Jones or ML or any other place.....good for you.  Just get over the presumptuous attitude that if a person chooses not to be you that there is something substandard about them.   You might be able to have a civilized discussion if you got off your imaginary pedestal and tried to approach others with an open mind.

[quote=SonnyClips]I met a guy who drove a schwann's truck. He worked for a wirehouse before coming to Jones, no $hit. [/quote]

Yeah, and now he's posting under the screenname "JonesIR".

[quote=JonesIR]

Babbling Looney:

You make some good points.  I realize independents will make more money.  What I meant was that people moving from Jones to a real broker dealers, not independents.  Everyone knows you guys make more money.  But lack or resources, lack of stock analysts, lack of many things make it less good for clients (usually).  Some clients it won't matter, the normal mutual fund DCAs and some normal rollovers, etc.  But when comes to getting stock advice, CMOs, getting good supply of bonds, and service from whole salers, it just makes sense that a large broker dealer is going to have more resources and usually better for clients.  It sounds like you must have washed out early if you were under the gun for the 25 contacts per day. 

[/quote]

What do you do...BATHE in the Kool-Aid?!!!  It's obvious to me that you know nothing about competing broker-dealers except for the propaganda that the Kool-Aid Kings at Jones feed you (your comment about lack of resources and analysts gives you away).  As an independent, I have access to resources and research you are apparently blissfully ignorant of.  Do yourself a favor and quit commenting on competitors you don't know anything about...you look foolish doing so.

[quote=JonesIR]

Babbling Looney:

You make some good points.  I realize independents will make more money.  What I meant was that people moving from Jones to a real broker dealers, not independents.  Everyone knows you guys make more money.  But lack or resources, lack of stock analysts, lack of many things make it less good for clients (usually).  Some clients it won't matter, the normal mutual fund DCAs and some normal rollovers, etc.  But when comes to getting stock advice, CMOs, getting good supply of bonds, and service from whole salers, it just makes sense that a large broker dealer is going to have more resources and usually better for clients.  It sounds like you must have washed out early if you were under the gun for the 25 contacts per day. 

[/quote]

Wow you really have no clue do you?  Arrogance personified, to speak as you do on matters about which you know absolutely nothing.

In addition to original research and commentary from my b/d, I also get research from tiny little firms such as CS First Boston, Standard and Poor's, and Zacks.  All updated daily.  Yea I'm really suffering not having that conflicted second-rate wirehouse sell-side research.  If you think you're getting 'good stock advice' from the research department at most any 'major' firm, you're naive, stupid, or both.

I can buy bonds wherever I like.....we get info about inventory available at numerous trading desks all over the street, as well as new issue offerings too.  My firm merely executes the trade for me.  I don't care if they carry inventory.  I can go to whichever firm-of several-offers me the best price.  Shoot maybe the cmo's I bought just last week came off your firm's desk.  And since my payout is WAY higher than yours I didn't have to put 2-3 points in them to make good money!

But really I'd rather you just ignore my comments as the rantings of an angry lunatic.  Us "small time indy brokers" love it when people like you carry that attitude around.  You don't know how many times I've had people tell me stories about how they preferred to deal with "an independent professional" because they didn't feel like Mr. Big Hitter at Big Firm Inc. either didn't care to give them the time of day, or was more concerned about lining his pockets than their goals and needs.  So, please, keep thinking that way because it just makes it MUCH easier when it comes time for your (former) clients to sit down with me and sign those ACATS forms.

And Happy New Year!

Indy is for people who are natural born entreprenuers. Wirehouses and Jones are for people who are natural born employees.

You guys make some interesting points.  I guess some of you have more tools than most people give you credit for.  Any advice how I can convince my clients to move their funds into one of the glamorous wrap accounts and pay 4 times more money for their funds? 

By the way did you catch the latest Registered Rep Ranking of the firms that just came out again? I believe that is 13 years in a row at #1. 

[quote=JonesIR]

You guys make some interesting points.  I guess some of you have more tools than most people give you credit for.  Any advice how I can convince my clients to move their funds into one of the glamorous wrap accounts and pay 4 times more money for their funds? 

By the way did you catch the latest Registered Rep Ranking of the firms that just came out again? I believe that is 13 years in a row at #1. 

[/quote]

Sure...tell them that it's time for them to graduate from being a retail client at Jones. They love the term "retail client."

Two things about the ranking. First, the Jones EMPLOYEES have a motivation to rank the firm highly. They are hoping for partnerships that will make them more money. They are biased. I'd probably do the same thing. Second, being number one against a bunch of wirehouses is NOT a big accomplishment. My firm would rate higher than them, too, and we're NOT biased.

JonesIR - keep talking because you continue to show how stupid you are.  Indy's have less resources>>>>>>ah what regional meeting did you hear that at? 

I said this a dozen times and will say it again....I learned more in 3 days at the first national conference I attended with LPL than I did in 5 years at Jones.  It was the eye opener of a lifetime to see that a firm that pays out at 90% offers so much more than the mighty Jones.  From technology, service, resources and product - your cookie cutter chop shop is an embarrassment compared to it.

[quote=JonesIR]

Jones folk are kinda different in regards to the pride they have in how they do what is best for the client.  Strange in this dirty industry isn't it? 

We know we do it right...lots of the other firms preach (push)annuities, wrap accounts, market timing/churning.  We preach annuities w/out surrender fees and half the expenses to the client.  Pays us less money, but better for the customer.  Hmmm....  No fee based accounts just buy your mutual funds with A share expenses and hold for 20 years.  Hmmm...do the math on A share versus fee based account over 20 years and see which comes out better for the client.  Math doesn't lie if you don't believe me.  Check the SEC website for a mutual fund cost calculator.  I got to figuring what I needed in C shares or a wrap account versus having a book of A shares.  Wrap fee broker or annuity broker gets just as much in trails from $20M under management as someone that had $80M in A share funds.  Strange huh.  Is that best for the client or the broker?  My thoughts are that there are so many people on here that leave Jones in the first few years to go somewhere else because they can't hack it the ethical way.  The "say" they make more money at the new firm.  But it is strange the payout portion is much the same.  Hmm...  If they make more money it is usually because they do things the easier less client friendly way by selling things that pay themselves more money. Annuities, wraps, and market timing (churning) They get on here and bash the firm.   I think the Jones guys and gals are just proud that they have been able to build a sound ethical business the client friendly way.  Yep, there are other firms with brokers/advisors that do it the "right way" for the client but not may other firms that structure their business model the "right way" for the client.  I think the Jones folk are just taking up for themselves and the ethical businesses that most Jones folks have built.

[/quote]

jonesir,

how many of your clients have owned A share funds for 20yrs?

how "ethical" are those 30yr bonds right now?

has it ever occured to you that there are more asset classes than the 5 displayed on "portfolio"? You don't think I have tools, as an independent, that compete with that thing?

does the concept of you get what you pay for mean anything to you? while you are stuck perpetually prospecting, collecting your 25pb trail, what kind of time do you spend delivering the "service" you promised with that A share load?

So it is not just me who thinks your a moron…

[quote=JonesIR]

You guys make some interesting points.  I guess some of you have more tools than most people give you credit for.  Any advice how I can convince my clients to move their funds into one of the glamorous wrap accounts and pay 4 times more money for their funds? 

By the way did you catch the latest Registered Rep Ranking of the firms that just came out again? I believe that is 13 years in a row at #1. 

[/quote]

Obviously you neither know how to convince them, nor how to propertly invest their money when offered the opportunity to use more than one fund company and *gasp* no load funds!

So....you deserve to be paid about 80% less, and with a substantially smaller payout.

You're so ignorant and fooled by the holier than thou b.s. I almost feel sorry for you. 

[quote=csmelnix]

With all the former Jones reps out there, I am curious to hear what caused you to poke your head out and take a look at your options?  My story was funny looking back on it and I know it'll draw the is it only about the money thoughts but it was good. 
At a regional meeting, our regional leader was in front of the group jumping up in down (literally) with excitement about the growth of his business.  Mind you that he had been with Jones for 13 years, was if I recall the first Jones advisor in this area (a pretty large metro city in the NEast).  He went on to tell us how proud he was to be able to walk through his door every Jan 1st  after 13 years of building his business, knowing he would GROSS $70,000 every year from his mutual fund trails. 

My eye opener - I just couldn't imagine knocking on doors or cold calling for several years only to have $30 million in mutual fund assets pay ME about $27,000.  My time, my effort and the value I would bring to the table just deserved more.

Share your stories, I'm curious.

[/quote]

Are any PASSers in the forum?  We had 2 offices come open in the surrounding towns, the 1st one (became a GP in St Lois) had 80-90 mil (This office had 2 other offices close by which were both goodknight's of the big office) They gave it all to the Passer from a different state.

The 2nd had about 12 million but 5 IRS had lost there middle income jobs to give it a shot. The 2nd town also had an IR that was new/new and made it to seg 3 with about 7 million in assets (no help)  at the time. Jones closes the 2nd office gives him 2 million and splits the rest to 4 other surrounding IR's (all 3's & 4's up to 30 miles away).  It was a joke the new new deserved the hand out.

The Passer hangs on around a year, then went LPL!!  He takes 75 % of the book with him, it was soooo freaking funny.

Now the moral of this story is they had a wolf dressed as a sheep( #1 ir) and they sheered the producing new new (#2)

Now first thing I did was call the wolf, he knew something I didn't know. 

[quote=canucklehead]

Or maybe it was the regional meeting where we all played "Edward Jones Jeopardy", and were programmed with the rewritten history of the firm. I assume that the current version of the game has no category "$75 million".

[/quote]

I know this is old, but I saw this thread and am enjoying reading through it.    This one was a real LOL. 

 Who dug up this grave?

[quote=Beagle] I learned in college that if meetings revolve around how much money you "could" be making, it probably wasn't YOU that was going to be making it, it was the people giving the speech.
[/quote]

Thanks for bringing back this thread. I don't know where Beagle is now, but that's a great thought.

And yeah, we played Edward Jones Jeopardy and Edward Jones Deal or No Deal. AND we had Green Eggs and Ham read to us. And yes, Bartow is a dork. I'm guessing he got beat up a lot as a child. My favorite Bartow quote - "Donuts are poison!"

I remember having lunch with Doug "3 mil" Hill in the EDJ cafeteria in St. Louis.  He was so pre-occupied and I realized then that there was no way I was going to be with this firm long-term.

2nd)  I was having breakfast with John Bachman (Former CEO) and I asked him if he thought the Managed Account Program at Jones was going to take off.  He said point blank, "If you plan on building a fee-based business at Jones, you may as well leave tommorow.  We don't believe that fee-based businesses are in the best interest of the client."  I immediately knew that it was time to look elsewhere!

[quote=Roadhard] Who dug up this grave?[/quote]



Seriously, is there not enough heaping on EDJ without bringing up ancient threads.?

[quote=AllREIT] [quote=Roadhard] Who dug up this grave?[/quote]

Seriously, is there not enough heaping on EDJ without bringing up ancient threads.?


[/quote]

"Who dug up this grave?" Obviously, I did Roadhard. You do understand dates and time logs?  "Isn't there enough heaping on EDJ?"  I say no.

Look at the title of the post. It is not a question about a fund, A shares, or who trains the best. I used the search function, which many say use. This post caught my eye, so you see my response to the question.

These are true responses, "the reality" of our past experiences. Since, there are hundreds being recruited monthly, therefore that means hundreds are leaving monthly. Many are moving on involuntarily and many successful enough to move to other firms or go Indy. 

Many are reading this board in silence, they come from non-correlated careers. They sit in their branch wondering, "who can I talk with, something is just not right, really wtf is this P&L?" Many are content and happy where they are at this point in life.

This may become the must read post for those sitting in silence. These are true experiences that I for one do not want to be my "Hypo". And as many of the ones in silence and the ex-ers are sitting back either crying or laughing. Thinking how it not only happened in my region, but that region in California, North Carolina or Texas, too!

The truth will always find its way out. What you take from it is your decision.

[quote=JonesIR]

You guys make some interesting points.  I guess some of you have more tools than most people give you credit for.  Any advice how I can convince my clients to move their funds into one of the glamorous wrap accounts and pay 4 times more money for their funds? 

By the way did you catch the latest Registered Rep Ranking of the firms that just came out again? I believe that is 13 years in a row at #1. 

[/quote]

Resurecting a dead thread...priceless.   By the way, with the new move to RIA or fee based at Jones since JonesIR wrote this, I'm curious too.  How is Jones recommending you do this eeeeviill deed?  Keep us updatded on the new koolaid flavor.

[quote=babbling looney]

Resurecting a dead thread...priceless.   By the way, with the new move to RIA or fee based at Jones since JonesIR wrote this, I'm curious too.  How is Jones recommending you do this eeeeviill deed?  Keep us updatded on the new koolaid flavor.

[/quote]

No recommendations as of yet, still many months if not years away from this actually happening.

I was looking up a friend, who is still at Jones, on the Jones website, and I noticed that IR’s are now called “Financial Advisors.”  Is this what the new cards say?  If so, I would love to have some of those sugg box wires explaining why Investment Representative is a good title.

Yup, that’s what the new cards and all internal and external docs say including the name on my door.  (Well haven’t actually gotten to that yet.)

Thanks.

[quote=gad12] [quote=babbling looney]

Resurecting a dead thread…priceless. By the way, with the new move

to RIA or fee based at Jones since JonesIR wrote this, I’m curious too.

How is Jones recommending you do this eeeeviill deed? Keep us

updatded on the new koolaid flavor.

[/quote]

No recommendations as of yet, still many months if not years away

from this actually happening.

"Actually, it's closer than you might think. In Weddle's last firm broadcast, he explicitly stated that clients are demanding advisory services, and that it is something they are rolling out. In my opinion, Weddle seems to be rolling out what he talks about much quicker than previous Chiefs. I may be wrong, but the last 18 months has shown tremendous progress."

Broker24, you and I have a lot in common. Perhaps we could have a suggestion box wire party, where we drink kool-aide and compete to see who can write the most obsequious "Weddle's Corner" wire. I bet I can out-praise Edward Jones.

 I hear all this Weddle crap from my buddies still at edj-How things have changed.Tell us all 3 things that have changed in the last 2 years? Not talked about but changed. SPIFFY OR BROKER 24 

Weddles pay has went up…has more cars in the garage…#of preferreds have went up…new news have went up…strength of the koolaid is going up(just for precautions)

Weddle IS taking the firm in the right direction.  No question.

However, B24 mark my words, I will be SHOCKED, if you actually have access a fee platform before 12/31/07.  Odds are 10 to one against it.  I do think at some point in calendar 08 it will come to pass though.

Gad, you may be right.  But to answer that, and the other post about what has changed:

1. Technology has become MUCH better: e-mail, financial planning software (I heard it is the same package that RJ uses?), rapid migration away from the "green-screen", land-based internet access, etc.

2. Increased payout on C-shares (hmmm?)

3. Extended new-advisor bonuses and medical premium subsidy out to 42 months.

4. Gave us a real title.

5. Made significant enhancements to Goodknight partnership programs.  New goal is that nobody in established markets start new/new (all will have office and/or Goodknight program).

6. FINALLY broke out Growth and Income funds into their componants in the Portfolio program (which is no longer on the Green Screen).

7. Developed ETF focus-list.

8. Further enhanced the Contact Management system.

9. Developing Fee-based platform (no, not here yet).

10. Raised minimum expectations for established advisors (I think it's a good thing, some may not).

11. Raised reimbursement amount on marketing and seminars.

12. Improved retirement transition plan.

13. They kept Shamrock Saturday

There are many, many others that I am forgetting.  But this is a just list off the top of my head.  Look, I am not claiming Jones is the end-all, be-all of firms.  My statement was that Weddle is actually making things happen, rather than just talking about them.  He is listening to us and responding with his feet, not his mouth.

Many of the complaints many of the former EJ brokers have expressed have been addressed over the past 1-2 years, and more going forward.

Jim Weddle, is, without a doubt, a pioneer. Genius if you will. Changing over from DOS to windows based networking…that guy is cutting edge.

But you know things ebb and flow…spent money to upgrade system…but now will be building buildings…the upgrades on tech will now end for a few years and again they will get behind…

It sounds like Weddle is moving the firm the right direction, and at warp speed compared to his predecessors.

Maybe that will slow down the flow, but it was too little, too late for me. 

Plus given my experiences I trust St Louis with my career about as much as I would trust Dirk (Bobby) with my money.

I’m growing to like Spliff…They can do all they want…but until they increase payouts to above 75%…they will lose the real entreprenuers…and the ass kissers will stay.  I talked to a 20 year vet last week about my move.  He mentioned the firm can do all they want, but the bottom line to the vets is the large disparity allocation between GP’s and LP’s.  The GP’s want to say their ass is on the line(to justify the large allocation of earnings), but I believe back in the middle 90’s they changed to an LLC, and reduced their overall exposure to failure to just what they’ve invested.  So Weddle can keep throwing money at the newbies and keep pissing off the vets…Spaceman Spiffy,what is the average years of service at Jones?

75% fail within the first year. St. Louis propaganda would have you believe that that number is after 5 years.

Spiff,

It sounds like you don't think the koolaid is so sweet anymore.  Could it be that you are the one Jones guy who just wants to do his job without drinking the koolaid?  I agree that Jones is a platform that some will grow to like and wish you the best if you stay or if you jump, but it sounds like you would do great if you decide to jump.

When Jones starts the fee base:

What will happen to the ICA guide? 

What will happen to buy and hold?

What will happen to preferred?

Answer:

Compliance (aka GPs) will "leak" the legal amount of time an A share mutual fund must be held.  Then a call list will magically appear.

"Mrs Jonsee, Hi, I am Jonser, yeah, Jonser, you remember me. Oh yes I was just thinking of you... Ummm, Mrs Jonsee I need to discuss with you a grave issue. My new 2001 Monte Carlo simulation says, you need to diversify, too much dependency on one fund family. But I thought you said American funds has the best mutual fund managers in the world. Yes, and thats true, however Mrs Jonsee, I feel its in your best interest to only own the best of ALL fund managers. See we have (gp's have) determined by reading Aristotle's memoirs it now the correct point and time to only own the best funds of the best fund manages. Oh I loved those  Aristotle movies when I was a child, or was that...... Ummm Mrs Jonsee, just come by my office I will have you sign the appropriate papers.  Does this cost me anything? by the way what rate is it earning? Ummm, it cost you no more that the average typical mutual fund. Oh, one other good thing we will be refunding the 12b1 fees back to your account. Oh my, what? It's a set of refunds (kickbacks) that we will now be paying you . OOh great, so you will be paying me a refund.  Ummm, something like that Mrs Jonsee. Just come by and sign, everything will work out great for me, ummm I mean you. Thank you soo much, now don't do anything to me you wouldn't do for your mother. I've always trusted you.

[quote=FreeFromJones]

Spiff,

It sounds like you don't think the koolaid is so sweet anymore.  Could it be that you are the one Jones guy who just wants to do his job without drinking the koolaid?  I agree that Jones is a platform that some will grow to like and wish you the best if you stay or if you jump, but it sounds like you would do great if you decide to jump.

[/quote]

See Spliff, not Spiff.

CIB,

"I see," said the previously blind man.  I wondered why his tone had changed but now it's oh, too painfully apparent.

Spliff,  go home if you can't be at least be original enough to come up with your own name!  But then again you might be able to fool some more of us old farts.

You weren’t the only one fooled FFJ. It’s hard to believe that someone would waste time impersonating somebody else on a message board.  The true identity of spliff is probably one of the regulars who thought he would have a laugh at all of us.

I already posted my eye opening event at Jones but I've changed my mind.  I should've remembered the "Broker in a Box" that I received in Nov 1998.  It contained an MS-DOS Compaq laptop Computer that was from like 1993.  It had a 10 inch monochrome screen and I had to use the function keys to study for my series 7. 

I should've known then that Edward Jones IT department was not interested in up to date technology but I was drinking the kool-aid of the first 4 chapters of the "study for success" that Edward Jones' satellite system was the largest satellite network next to the U.S. military.

What a Joke...I should've known.

Hey Spiked, I think I used that same exact same laptop for my training in 2004.