Lack of "tools" at EJ
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[quote=Roadhard]Hey Spiff, I just got off the phone with two of my Jones friends and they comfirmed that they do not have cost basis on non-preferred funds like AIM, Ivy, John Hancock, ect…
Don't confuse linking with cost basis---Jones does not keep cost basis on most non-preferred funds held in brokerage. One of my Jones friends has 24 years at Jones and the other has 13.[/quote] You're spot on Roadhard. There is also the fact that you can only do a limited amt of systematic options on mutual funds outside the preferred.I don’t want to argue with your obviously veteran buddies, but what I see on my system, with a client’s account, says they’re wrong. With that said, when I do a search for info on the Jones intranet it does say that they don’t keep cost basis for a lot of fund families, but that they are working on a solution through a vendor. The goal is sometime in 2007. Hmm…maybe someone needs to pay attention to their websites. I can only tell you what I have experienced and what I read. At this point I’m not sure who’s right.
I really do wish Jones would keep cost basis on everything–it would be sooooooo much easier when I transfer them in…and ifffffffffffffffffffffffffffffffff I ever transfer one to Jones I would let the new FA know that cost basis is on the client statement…Jones only does it on the In-depth statement…so everyone if you think you are ever going to leave Jones start now putting your clients on a in-depth statement over the next year. If you need cost basis really bad—then before the client transfers to you–ask them if they have Account Access–if yes, put up their info online–that will give you cost basis–except mutual funds. It is also a great place to get copies of statements so you can ACAT!
Man I hated transfering in my Jones accounts. Why the bleep can't they send the cost basis at least on the ones they keep. I couldn't believe the first fidelity account I transferred in. All of the cost basis was magicaly there. When I was at Jones I didn't even know that was possible. Why don't they at least accept cost basis from firms that will send it?!! Seems stupid.
I don’t undertand this concept. Don’t they have to keep track of cost basis to report capital gains?
jone branches have to manually figure it out, which you can also do after it is sold and send in a wire prior to 12/31
[quote=Dark Knight]
Man I hated transfering in my Jones accounts. Why the bleep can't they send the cost basis at least on the ones they keep. I couldn't believe the first fidelity account I transferred in. All of the cost basis was magicaly there. When I was at Jones I didn't even know that was possible. Why don't they at least accept cost basis from firms that will send it?!! Seems stupid.
[/quote] There is an inter-broker system you have to pay for in order to accept transferred cost basis (sort of like participation in the ACAT system). Jones just doesn't want to pony up for it.I understand they don’t want to pay for it—but it would save money in the long run by not having the FA and the BOA figuring out cost basis. Same thing goes when a account is transferred in…just remember this–mutual funds have a average cost basis and stocks have a cost basis for each dividend reinvestment–so you have to imput each dividend ever reinvested as a seperate purchase—you can not average it. So let’s say I send my client to Edward Jones with GE stock–the client has owned it for 31 years and he reinvested all the dividends—I send you a copy of all his reinvestments–then you have to put each one of those into the cost basis system–you can’t add them all up and place just one figure there–you can with mutual funds by not stocks. Cost basis transfer of data is a God Send. When I transfer a Charles Schwab account in to LPL–they transfer cost basis, so does Merrill, SB, even the banks–Jones is the only one that won’t pay for it – is this because the GP’s don’t want to pay for it? Sorry guys I just had to say it? Recently I had a client transfer from Edward Jones (Not my old branch) and my client requested his cost basis–the FA gave him 1099’s for 16 years and said here you go–go figure it out! Real Professional!
Spiff, I can confirm with 100% certainty that we do NOT track cost basis for many fund families. I use, for example, Loomis Strat Income a lot. When you go into Portfolio, you cannot even ENTER Cost Basis. The box is completely blank (no Edit function, etc.). It's no big deal with IRA's, as they do track Amount Invested, so at least the client can see what was put in and what's it worth now (which is actually better than cost basis for looking at total returns). But in a taxable account, you are screwed if you need Cost Basis for tax reporting.I don’t want to argue with your obviously veteran buddies, but what I see on my system, with a client’s account, says they’re wrong. With that said, when I do a search for info on the Jones intranet it does say that they don’t keep cost basis for a lot of fund families, but that they are working on a solution through a vendor. The goal is sometime in 2007. Hmm…maybe someone needs to pay attention to their websites. I can only tell you what I have experienced and what I read. At this point I’m not sure who’s right.
I found the link in Jonesnet that says they’re working on the fix, but who knows when the last time it was updated or where they are on that project.
I don't use a lot of non preferred funds. I got on a kick a couple of years ago with some Calamos funds. I have a client who own CHY in his single account. I have a cost basis for that. Now that I think about it, that's a closed end fund. Maybe they work differently. The solution is to only sell preferred funds!The Kool-Aid sounds good for me…why make things more difficult when we have great preferred funds that will make our lives much easier?
Yeah I mean c'mon why work harder to help our clients. Let's just do the easiest thing for us. Because you are getting paid a lot of money do serve your clients!The Kool-Aid sounds good for me…why make things more difficult when we have great preferred funds that will make our lives much easier?
Not what I said at all…the preferred funds are top ranked funds that perform just as good if not better than a lot of the non preferred funds out there. So I’m not only making the client more money in the long run but I am also working smarter. Gives me time to actually sit down with my clients on a regular basis to, as you put it serve them. Besides your top 20% how often do you review your clients portfolios with them?
There is nothing sweeter to me than getting a transfer in because their current broker ignores them…HAHAHA
[quote=Eyetattoo] Not what I said at all…the preferred funds are top ranked funds that perform just as good if not better than a lot of the non preferred funds out there. So I’m not only making the client more money in the long run but I am also working smarter. Gives me time to actually sit down with my clients on a regular basis to, as you put it serve them. Besides your top 20% how often do you review your clients portfolios with them?There is nothing sweeter to me than getting a transfer in because their current broker ignores them…HAHAHA
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Tattoo, please tell me you’re doing this just to get people going on this board…
OK…i’ve been on the sideline for too long. I’m a year out (almost) EDJ broker…this is the funniest thread i’ve ever seen…Also, very informative at times…for starters…while I do drink the Kool-Aid…(Grape ;))…I also understand that there are other alternatives that may fit other peoples lifestyles etc…however, for me it is definately the right fit! Just thought Spiff needs another green back to help fight the good fight…For the record, I am in a region where everyone gets along fine…when someone leaves there is never any bashing or talking bad etc…we all help one another…its awesome…at PDP I have run across plenty of Brokers that had other experiences…back stabbing…account pirating etc…but I think that can be said about any firm…Just figured I’d start with my basic $0.02 worth!
[quote=Spaceman Spiff] I found the link in Jonesnet that says they’re working on the fix, but who knows
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Maybe they work differently??? Wow. It would be convenient to understand what an investment IS if your client owns it…go back to Series 7 training on products.
[quote=Eyetattoo]The Kool-Aid sounds good for me…why make things more difficult when we have great preferred funds that will make our lives much easier? [/quote]
You're going to fit in very well...[quote=Cowboy93] [quote=Spaceman Spiff] I found the link in Jonesnet that says they’re working on the fix, but who knows
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Maybe they work differently??? Wow. It would be convenient to understand what an investment IS if your client owns it...go back to Series 7 training on products.[/quote] Thanks for the advice. I'll take it under advisement. I understand the difference between an open ended fund and a closed ended fund. This wasn't a discussion on the differences between the two. The discussion was do we have cost basis for non preferred funds. I know I have a cost basis for that investment.