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Dec 2, 2004 4:45 am

Sorry to see the old forum die 


But glad that this new one is up and running 


Could there be access to the old forum ? There was alot of good information and advice on working for Edward Jones, it would be a shame if it all went to waste.


Dec 2, 2004 10:01 am

Just give it time....I'm sure this forum will provide the same light and soon reveal the transparency that is Edward Jones.

Dec 2, 2004 1:33 pm

Zacko,

I really miss your old battles with sabi. I'm sure she's probably a fry cook somewhere in bikini bottom now.

Dec 2, 2004 4:05 pm
Flox:

Could there be access to the old forum ? There was alot of good information and advice on working for Edward Jones, it would be a shame if it all went to waste.



Several important things that you need to know about Jones:


1) Most Important!! You will have to bring in at least $500K of NEW money each month to keep them happy.  With as many brokers as Jones is pumping into markets, that will be very tough.  You cannot do a fee based program, so the best you can hope for in trailing income is the 25 bps you get on mutual funds.


2) You don't get paid for everything you do.  Your clients reinvest their dividends--Jones charges them 2% but you get nothing.  It goes to P/L. You get into a competitive situation and want to discount a trade to get the business, it comes out of your pocket.


3) Try to use their CD's to get the old folks in the door--you can't compete.  The rates stink.  And, if you sell one, the payout is almost nothing.  However, Jones will be happy to shove a 30-yr or BBB-rated bond at you and tell you to sell it.  But according to them, you aren't really selling the bond.  You're just using it to gather financial information.  My payout last month averaged 29% and out of that, I had to pay the full cost of my insurance, my advertising, my marketing materials, and my toilet paper.  I also had to pay half my phone bill and half of my postage.


4) Their marketing strategy is something called squirrel hunting.  Ask your trainer/mentor how to find the people with money, and he/she will tell you to go squirrel hunting.  They think that you will find the money in older, well-established neighborhoods.  However, I ended up in a downtown metro area, where the older neighborhoods are full of young professionals.  They have 3 kids, 2 SUV's, and a mortgage.  The wife stays at home with the kids.  Jones told me it was a good opportunity to get 529's and rollovers.  Do you think that I would ever get $500K a month from that area?  I asked for some marketing data to help me locate real money, and they told me that instead of spending time looking at marketing info, I could just knock on a few extra doors each day.


5) The leadership is lousy.  They have none.  They have no clear direction for the business, and no one can tell you what you need to be selling.  Is it large cap's, mid, etc?  I asked one of our so-called "leaders" what he thought we should be selling, what would be the performers this year.  He said, "the great thing about Jones is you can run your business any way you want to."  He didn't have a clue.


6) The systems are archaic, and your sophisticated investors will not like doing business with Jones.  If you do a lot of stock trades, you will be tied to the office because they don't have a good system for traders.  I had no alerts or any way to easily monitor my clients' stocks.  If I wasn't in the office, the BOA had to place trades through STL, and the client gets a call back to verify the trade before it's placed.  If they can't reach the client for some reason, then you have a real problem, especially if that stock price moves a bit.  When you think of stock trades at Jones, think no good systems in place, and no payout if you discount.  That will discourage you from trying to do a stock business.  They want you to push mutual funds.  Remember: revenue sharing agreements.


6) As I think of other useful tidbits, I will pass them along.  By the way, I left Jones today, and I am going independent.  Another Jones broker may also go in with me as a partner.  It's a great place to visit but I wouldn't want to live there

Dec 2, 2004 5:04 pm

I don't think you meant Sabi.  Sabi left the Jones camp before I did and we agree on just about everything regarding Jones.


If you mean Sappy?  Sappy wasn't even female and took over a Jones office where a friend of mine left and went indy.  Not much respect for that in my view.


Elliemae!!!!   Congrats!    Get those clients moved over.  You and your clients will be much happier.  If you need any help, PM me.  You are right on all your points...but that's just the tip of the iceberg.  Now, that's the best news I've heard all day!


Dec 2, 2004 5:36 pm

Elliemae,


Congrats...let me know if I can help!

Dec 2, 2004 5:36 pm

To Elliemae


Welcome to my (previous) world.  I too quit Jones early in this year and went independant.  It was the best move I have ever made.  You are right about the amount of assets they want you to move (500 to 750K every month) and the low payouts.  I was netting about 15 to 20% after expenses.  My office assistant (BOA) made more than I did sometimes.  Now I have an 85% payout and "I" control my expenses.  My clients who moved with me are much happier and so am I.    I flat out explained to them why I was moving and the monthly quota system. Your clients will be able to figure out the rest.


You also forgot "25 calls a day"..  How about 5 to 10 really good calls instead of 25 crappy calls.


Best of luck



Dec 2, 2004 5:56 pm
babbling looney:

You also forgot "25 calls a day"..  How about 5 to 10 really good calls instead of 25 crappy calls.


Best of luck



The calls... all I ever got was voicemail.  Day and night.  People have caller ID, you know.  If I could get someone on the phone, what did I have to offer?  My mentor kept telling me that I needed to find something that gets their attention so they will answer the phone.  Well...what???  They have every brokerage firm imaginable in one city block.  I have a product line that's better than any other firm??


I really needed to market to this area in a different way, but I could never afford it with that lousy payout.  I can't say enough awful things about their marketing efforts.  They think that the "recipe" works for everyone.


People are just dying to do business with Edward Jones. I don't think so..


Dec 2, 2004 6:15 pm
babbling looney:

To Elliemae


   I flat out explained to them why I was moving and the monthly quota system. Your clients will be able to figure out the rest.


I use this to disturb prospects that do business with "traditional investment firms." It's beautiful. I also used it when I left my firm and went independent. I brought everyone that I wanted to bring.

Dec 2, 2004 6:20 pm

Ellie Mae,


If you left Jones today why on earth would you be wasting your time posting information on this forum.  You should be out fighting for your clients because I guarantee you Jones is calling everyone of your clients as soon as your drop gets wired in.  If you're spending your time making post and not fighting for your clients you probably or not much of an advisor and you're probably not in very good graces with Jones.


If you are doing well then I apologize and I respect your decision to go private.  I think it is a good move.  I left about a year ago and I will never look back.


But lets make a couple things clear Jones DOES NOT expect you tp bring in 500-600K in assets a month.  If you are getting answering machines then you are not getting "Best Daytime" phone numbers to call.  That is your faught and you better change your prospecting methods and logs if you are going private.


You better be ready for Jones to come after you and enforce your noncompete.  If you are a small producer then you probably have nothing to worry about, but if you have reveneues over 200K per year you better be ready and transferring as many accounts as you can until their attorneys inforce a restraining order.  YOU SHOULD NOT BE SPENDING YOUR TIME ON THIS FORUM!!!!!  IF YOU ARE DOING THIS NOW YOU REALLY NEED TO THINK OF THE REASON YOU MAY NOT BE IN GOOD GRACES WITH JONES!!!!


I will not give you may past experience with Jones because they could figure out who I am, but you BETTER BE READY!!!  If any of you on this forum disagree with me because transferring your book was easy then I WILL GUARANTEE you, you were not a descent producer with Jones.


I do not want to sound like I'm running you down Ellie Mae.  I want you to succeed, but you need to put some things in perspective I believe.



Dec 2, 2004 6:31 pm

And you need to run your post through a spellcheck before hitting that "Post Reply" button.

Dec 2, 2004 7:40 pm

If I remember correctly from the old board, Ellie was new.  How could she go independent without the track record or the trails?


Also, while I agree with the overall sentament of her post, many of the statements she made showed a lack of complete knowledge of Jones and the business in general.


She is probably an Amex slim trying to keep this Jones site humming.

Dec 2, 2004 9:52 pm

uptick...good advice.


I worked 14 hours a day for 14 consecutive days when I went indy.  It was the hardest I have ever worked in my career.


I kicked a ss though.  And, it was worth every minute of effort.

Dec 4, 2004 12:21 am

If I recall correctly, Ellie was inquiring about EJ before joining, KNEW IT SUCKED ASS and still joined.



She probably just got put on goals and now says she left to go indy.



Not the sharpest knife in the drawer for sure.

Dec 4, 2004 10:36 am
Beejeebers:

If I recall correctly, Ellie was inquiring about EJ before joining, KNEW IT SUCKED ASS and still joined.


Hello beejeebers--


You did NOT recall correctly, and I was w/EJ for 2 yrs before leaving.  Since I have only been posting on this site for a couple of months, I would not have been "inquiring about EJ before joining."  Do the math.


You remember me, don't you?  I'm the one with the MBA inquiring about going indy.  It seems I reached a point in my career where I felt that working with the Amway and used car salesmen at Jones was not in my best interest or that of my clients.  Nor did I have the patience to sit through meetings and regionals to listen to the same tired information and sales ideas.


Remember?  I mentioned having that MBA and it set off a firestorm of criticism from those with insecurities out the wazoo.  Are you the one who didn't know what "selling short" means?


Dec 4, 2004 12:11 pm

I have my mba too snot nose.



I have never asked what selling short meant.  I have more
experience and education then you.  In the future shut your pie
hole.

Dec 4, 2004 12:49 pm

I don't have an MBA...but I did stay at a Holiday Inn Express last night. 

Dec 4, 2004 2:32 pm
Beejeebers:

I have my mba too snot nose.

I have never asked what selling short meant.  I have more experience and education then you.  In the future shut your pie hole.


How old are you?


Dec 4, 2004 8:14 pm

I have my MBA and a degree in economics, it dont mean squat in this business!

Dec 4, 2004 10:52 pm

no it doesn't mean snot...so why are you two still talking about it?