EDJ or Ameriprise

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Mar 13, 2006 5:09 pm

Short and to the point, after being out of the business for over 10 years I am headed back in; locally I have two options: Ameriprise or EDJ. Any opinions as to which to go with would be appreciated.  Thanks

Mar 13, 2006 5:10 pm

You must be kidding.

Mar 13, 2006 5:45 pm

If those are the only two options you have there, you might consider relocating...

Mar 13, 2006 5:58 pm

There are other firms here but they are not hiring, both Ameriprise and EDJ are, hence the two choices.  Any constructive responses would be appreciated. 

Mar 13, 2006 6:05 pm

I am not in the business yet, but EDJ!

Yiiiiikkkkkkeeeeeessssss.. The old AMEX.. Have a friend who was promised a bonus of 10k when she brought on 20 customers. Well AMEX (American Express Investment) sold and closed when she hit 20. Also they must have called and recruited me about 10 times. That is a bad sign since I did not have the 7, 66 or anything else.


Good luck!

Mar 13, 2006 9:28 pm

Qingdao: Only options? I'd look further. Probably more s**t coming on jones and ameriprise is pretty weak. Keep looking.

Mar 14, 2006 7:33 am

I was in the business previously in the days of Blinder Robinson, so neither Ameriprise or EDJ looks that bad to be honest; in fact from what I have seen SCH, ML, AGE, etc. all look far more like BR than EDJ or Ameriprise.  What exactly are the main complaints against those two?  Also, for any real veterans, how has the industry changed since 1988 ??

Mar 14, 2006 9:41 am

EDJ has a limited platform with very little access to fee-based, you have to splits some expenses, door-knocking, benefits are fairly costly (although they are at some other BDs), etc.


AMP has such a limited platform that makes it difficult to meet the needs of HNW clients, a very antiquated technology system (though they are going to update soon to try to catch up with the rest of the industry) and a very captive environment.  They will tell you that it is an entrepreneurial environment, but at the end of the day, what's theirs is theirs and what's yours is theirs.

Mar 14, 2006 10:10 am

Let's try a new area; I spent three years in China and am married to a Chinese national.  I know the business climate and the way of doing business over there well.  As I see it there is an enormous market for investments there, can I look in any particular direction to possibly get on with someone over there?

Mar 14, 2006 10:38 am

You may be better served going with a firm with strong international background and scope.  That may require a relocation to hook up with a firm like Goldman, etc.  The choice is yours.

Mar 14, 2006 4:52 pm

BR- your earlier post seems to paint a similar picture between the two firms:  old tech, limited platfroms, what's yours is theirs etc...


I get a kick out of this - two of the same.

Mar 14, 2006 5:01 pm

For the most part.  Both are captive environments, even though they claim that's not the case.  Neither is a horrible place to start if you have limited options, but one would at least have to ponder what else would be out there as either a newbie or someone breaking in again that would provide them another starting ground.

Mar 14, 2006 5:20 pm

Horrible choices.  Really you need to look more. 


But of the two worst places out there, take EDJ. Better training and you can leave.  Unlike Ameriprise where you are an indentured servant.

Mar 14, 2006 10:21 pm
maybeeeeeeee:

Horrible choices.  Really you need to look more. 


But of the two worst places out there, take EDJ. Better training and you can leave.  Unlike Ameriprise where you are an indentured servant.



Have you worked for either of them, or both of them?


What are your qualifications to use words like "horrible choices?"

Mar 15, 2006 8:59 am

Oh, so that is where you work huh?  Big Easy Flood.  Noone else would defend that company.


I looked at Ameriprise and heard all of their junk.  Even got a job offer which was so sweet to turn down.


AMEXSUX.com really need we say more.


VULVULVULVULVULVULVULVULVUL

Mar 15, 2006 9:15 am

Simply out of curiosity, what is your take on those firms, Big Easy Flood?  Just looking for another perspective on this since the responses have been limited to a handful of people.

Mar 15, 2006 9:49 am

I think their business models create complaining that is unjustified.


For years Jones was a place to go if you were already successful.  The dream of being self employed.


Their concept worked.  The reality is that you will have a better chance at success if you join a church, join a club like the Rotary, and introduce yourself to everybody in town.  It defies common sense to even attempt to disagree.


I think they went wrong, if they have, when they decided to expand beyond the capabilities of their home office support group.  One of the mysteries to me is to this day how they get around SEC and NASD mandates about supervision.


In another thread I discussed what I think about American Express.


It is my belief that success in this business comes from individual effort and that your broker/dealer is all but irrelevant as long as they are doing you no harm.


You're not going to wake up one day and see Jones or American Express being featured in an expose type piece in the Wall Street Journal so there is no reason to conclude that it woudl be a mistake to work there.


Both firms, especially American Express, have great name recognition.  "Hi Mr. Johnson, I'm Bob Broker with the American Express Investment division called Ameripirse.  I'm calling today to ask if you are currently investing or have plans to do so in the near future" is just as powerful as inserting Merrill Lynch, Smith Barney or any other place.  It can do no harm.


Jones is highly regarded by the media and as a result the public, the clients, have a very favorable impression.  Add the idea of their attempts to be very visible in their small town markets and you have a winning idea.  In my opinion.


Every day I drive past a small building that screams "Edward Jones" in big blue letters.  I also drive by three wirehouses on three separate floors of a nearby office building.


I am not about to open an account with any of them, but I'll bet that the recently retired Smith couple is more inclined to contact their Jones office about their 401(k) distribution if they're feeling the need to contact somebody.


I am not convinced that Jones is very competitive in the larger cities where the investors are less community oriented, and a whole hell of a lot more familiar with prospecting calls, mailers and all the rest.


But if you're in a small town I think there's probably no better name because of the image Jones has so carefully developed.


Again, the name of the game in your broker dealer should be "do me no harm" and I'll do the rest myself.


Harm can be, "I'm sorry, did you say Sigma Securities?  I've never heard of them."  That won't happen if you say American Express or even Edward Jones in most of their small town target markets.


Wonder why they changed from Edward D Jones, that had even more name recognition to me.

Mar 15, 2006 10:05 am

1) Edward Jones signs are green, not blue.


2) Edward Jones HAS been featured in an expose' in the Wall Street Journal.

Mar 15, 2006 10:23 am
Big Easy Flood:

I think their business models create complaining that is unjustified.


For years Jones was a place to go if you were already successful.  The dream of being self employed.


Hey Bartender-if this guy really believes Jones is where succesful advisors go to pursue the dream of being self employes....I'll have some of whatever he's drinkin' because it must be good stuff!


Their concept worked.  The reality is that you will have a better chance at success if you join a church, join a club like the Rotary, and introduce yourself to everybody in town.  It defies common sense to even attempt to disagree.


Yes networking makes sense if done in a time-efficient manner.  But-"It defies common sense to even attempt to disagree"?  Wow...well let me not defy common sense by 'attempting to disagree' with you.  Your arrogance is quite impressive.


I think they went wrong, if they have, when they decided to expand beyond the capabilities of their home office support group.  One of the mysteries to me is to this day how they get around SEC and NASD mandates about supervision.


In another thread I discussed what I think about American Express.


Well let me just rush over to that post and soak up your wisdom...


It is my belief that success in this business comes from individual effort and that your broker/dealer is all but irrelevant as long as they are doing you no harm.


This might be the most reasonable comment in your entire bombastic post, along with the one about networking.


You're not going to wake up one day and see Jones or American Express being featured in an expose type piece in the Wall Street Journal so there is no reason to conclude that it woudl be a mistake to work there.


What rock are you living under?  What about "3 Mil Hill" and the big Jones settlement a couple of years back, not to mention the pending lawsuit by the California AG against Jones.  How about the recent settlement with Ameriprise/Amex/IDS regarding abusive practices with 529 plans?


Both firms, especially American Express, have great name recognition.  "Hi Mr. Johnson, I'm Bob Broker with the American Express Investment division called Ameripirse.  I'm calling today to ask if you are currently investing or have plans to do so in the near future" is just as powerful as inserting Merrill Lynch, Smith Barney or any other place.  It can do no harm.


That whole Ameriprise/Amex connection is only good for a couple more years as now Ameriprise(sounds like a car leasing company) has been spun off and soon will have no right to use the Amex brand.  IMHO it's only "powerful" with unsophisticated investors who don't know any better.  That 'power' will wear off, too, as soon as you try to shove a VUL and an annuity down their throat after overcharing them for a boilerplate financial plan.


Jones is highly regarded by the media and as a result the public, the clients, have a very favorable impression.  Add the idea of their attempts to be very visible in their small town markets and you have a winning idea.  In my opinion.


Maybe in small town markets.  In NY metro I have seen NUMEROUS offices open and quickly close in the last 5 years.  They can't get any traction.


Every day I drive past a small building that screams "Edward Jones" in big blue letters.  I also drive by three wirehouses on three separate floors of a nearby office building.


I am not about to open an account with any of them, but I'll bet that the recently retired Smith couple is more inclined to contact their Jones office about their 401(k) distribution if they're feeling the need to contact somebody.


I am not convinced that Jones is very competitive in the larger cities where the investors are less community oriented, and a whole hell of a lot more familiar with prospecting calls, mailers and all the rest.


But if you're in a small town I think there's probably no better name because of the image Jones has so carefully developed.


Perhaps.  Then again if you're in a small town and reach a stage where you've got a book and learned a bit about the biz, why not build your own name.


Again, the name of the game in your broker dealer should be "do me no harm" and I'll do the rest myself.


Harm can be, "I'm sorry, did you say Sigma Securities?  I've never heard of them."  That won't happen if you say American Express or even Edward Jones in most of their small town target markets.


Here is where you're COMPLETELY wrong.  I've learned from first-hand experience that the lack of name recognition doesn't hurt at all in one-on-one encounters.  Rather, it allows ME to define what I do for the client, not their preconceived notions.


Wonder why they changed from Edward D Jones, that had even more name recognition to me.

Mar 15, 2006 10:33 am
Philo Kvetch:

1) Edward Jones signs are green, not blue.


2) Edward Jones HAS been featured in an expose' in the Wall Street Journal.



The one I drive past is blue.  Individual letters about eighteen inches tall, each with its own internal lighting.  Older, it has the D.


As for the WSJ piece--a lot of what those in the business read the rest of the world doesn't even notice.   Do no harm, and it didn't.