Some info bout Edward Jones,is this true?

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Mar 24, 2006 5:26 pm

I read some stuff about Edward Jones about how the training is good,
but it's a terrible place to work because they literally fool you into
thinking you're gonna make it big, but it's really kind of a scheme to
suck out all the customers you draw in.  I hear you can't bring
customers with you if you try to leave.  I also heard that much of
what Edward Jones says about having your own assistant and being in an
office is more of an embellishment than anything and that it's actually
really hard to get that.  Can someone give me some insight on
EDJ?  I've read a few posts and people have not recommended
working there, but I kind of want to know exactly why.  If there's
an earlier post on it, please give me the link because I can't find it.

Mar 24, 2006 5:52 pm

(1)  All firms try to discourage your clients from following you if you go to another firm. Most firms have you sign a non-compete clause. Most brokers can get around this if they jump ship.


(2) Every EDJ broker in a short period of time does get their own office and office assistant.


(3) Most brokers rip on EDJ because they believe we have a "holier than thou" attitdue and our lack of a fee based platform.


(3) I have been w/EDJ for many years and am very happy with my career here.  People can be happy and successful at many other firms.


(5) Fortune magazine has consistantly rated us one of the top 100 firms to work for.  We were ranked #1 a few years ago.





Mar 24, 2006 7:48 pm

Can I hear from some of the people who don't recommend EDJ?  I want to know why they don't think it's good.  Thanks!

Mar 24, 2006 7:50 pm
BigLew:

(1)  All firms try to discourage your clients
from following you if you go to another firm. Most firms have you sign
a non-compete clause. Most brokers can get around this if they jump
ship.


(2) Every EDJ broker in a short period of time does get their own office and office assistant.


(3) Most brokers rip on EDJ because they believe we have a "holier than thou" attitdue and our lack of a fee based platform.


(3) I have been w/EDJ for many years and am very happy with my
career here.  People can be happy and successful at many other
firms.


(5) Fortune magazine has consistantly rated us one of the top 100 firms to work for.  We were ranked #1 a few years ago.







Also, nowhere did you say that you can bring your clients with you when
you leave.  So is that true that you can't bring your clients if
you go indy or go to another firm?

Mar 24, 2006 8:14 pm
BigLew:

(1) All firms try to discourage your clients from following you if you go to another firm. Most firms have you sign a non-compete clause. Most brokers can get around this if they jump ship.



(2) Every EDJ broker in a short period of time does get their own office and office assistant.



(3) Most brokers rip on EDJ because they believe we have a "holier than thou" attitdue and our lack of a fee based platform.



(3) I have been w/EDJ for many years and am very happy with my career here. People can be happy and successful at many other firms.



(5) Fortune magazine has consistantly rated us one of the top 100 firms to work for. We were ranked #1 a few years ago.












I to work for jones. everyone does not get an office in a short peroid of time. Most won't even make it. I have only been out a short while and most that have started with me are no longer here. Not that jones is a bad place. They have a good program to get you past the series 7. But then you will work from your house until you qualify for an office.

Mar 24, 2006 8:15 pm

If you look back through these boards, there are several examples of former Jones reps that left and took the vast majority of their client base with them.  I've not worked for Jones, but the biggest negatives I hear regularly is (1)lack of (or twisted/skewed) management communication (2)lack of product breadth, (3)lack of a satisfactory fee-based alternative, (4)ongoing effort to brainwash reps into thinking that Jones is the best alternative (5)perceived employee/management arrogance, (6)lack of opportunity to advance through LP, and (7)bad hair/teeth and/or polyester suits.  There are probably others, but if you look around, you'll see these crop up again and again.  Yet, at the same time, it is obvious that there are plenty of folks like Big Lew who are just as happay as can be with Jones, so like anything, it is probably a matter of the firm fitting with your personality.

Mar 25, 2006 8:13 am

Indyone,


Best description of the ex employer I've read in a long time

Mar 25, 2006 9:24 am
Indyone:

If you look back through these boards, there are several examples of former Jones reps that left and took the vast majority of their client base with them.  I've not worked for Jones, but the biggest negatives I hear regularly is (1)lack of (or twisted/skewed) management communication (2)lack of product breadth, (3)lack of a satisfactory fee-based alternative, (4)ongoing effort to brainwash reps into thinking that Jones is the best alternative (5)perceived employee/management arrogance, (6)lack of opportunity to advance through LP, and (7)bad hair/teeth and/or polyester suits.  There are probably others, but if you look around, you'll see these crop up again and again.  Yet, at the same time, it is obvious that there are plenty of folks like Big Lew who are just as happay as can be with Jones, so like anything, it is probably a matter of the firm fitting with your personality.



Those who read the poison pen attacks on Jones would be well advised to rememeber that they are all written by disgruntled former employees.  Most are actually on their way out the industry's door and are simply taking a shot at one of the places that they failed.


There is not a failed salesperson out there who doesn't blame their failure on not having enough to sell.  The reality is that somebody selling at Jones has what they need to serve their cients.  They may not have Fund X and a prospect may want Fund X, but if they were somewhere else anohter prospect would want Fund Y and it would  not be availale to them.


Whining about a lack of management communication is curious in light of the fact that most Jones types crave the independence they offer.  They fill the niche between being a "wire house slave" and the feeling of being all alone against the world that is common among those who go completely independent.


Ongoing effort to brain wash Jones Reps into thinking Jones is the best alternative?  Say it's not so, you mean an employer actually tries to convince their employees that their firm is the best?


Perceived managment arrogance.  There is not a soldier alive who doesn't think his commanding officer is an arrogant moron.  It's a concept as old as time.  Sometimes the leader is arrogant, but more often than not it's nothing more than the bitching that made Beetle Bailey and Ernie Pyle's whiners famous and their creators rich.


Lack of opportunity to advance.  What is the realistic opportunity for a guy at a Smith Barney office somewhere in Iowa?  If he's lucky he might get to manage a branch down the street from the Edward Jones guy who is managing his branch.  In almost every business in the country the air gets very rarified very fast when you try to move into management.  It's not a lack of opportunity so much as it's a lack of what it takes to be offered the opportunity.


Bad hair, teeth and polyester suits.  Childish, but what difference does that make to somebody anyway.  How in the world would you be negatively affected by the way somebody else looks or dresses?  If anything it would make you look so much better by comparision.


There are thousands of Jones offices out there, and half a dozen whiners on an Internet message boards.  If you're thinking of Jones don't read what you hear from the whiners, walk into their offices and talk to the man or woman who is in charge.

Mar 25, 2006 10:42 am

Yeh. And that person is going to say what? Best firm on the street. We're BETTER than the rest. (Just look @ their ad campaign). I've never worked for jones, but in my many yrs. of observing how they do biz., I GENERALLY run into more unethical conduct w/jones reps than ANY other competitor. I attribute this conduct to a level of "rookieism" and "blinderism". Just do what the firm says and you'll be successful. Yeh,right....by whose standards? I intensely DESPISE those who give bad advice, screw people over for a trip, adopt a holier than thou attitude. Go to work for a REAL brokerage firm. At least compare. 

Mar 25, 2006 11:20 am
Revealer:

I GENERALLY run into more unethical conduct w/jones reps than ANY other competitor. 



And are you a head of compliance with a national firm?


How many different Jones brokers, across the country, do you encounter as competition.  You know, so that you can say that you run into "more unethical conduct?"


The very nature of Jones' business plan means that any one of us is not likely to "compete" with more than two or three Jones brokers and for most people there will be one Jones broker as competition.


Even if the sleaziest Jones broker in their entire organization has the office down the street from you you're being intellectually dishonest to conclude that every Jones broker is as sleazy as that guy.


The point is this.  Your perspective is very narrow, especially if you operate in a small town.  There are those who would consider you to be sleazy.  Would they be right, or would that be an unfair accusation?


Unless you are an NASD complance type, or a senior complaince officer of a firm, you have no idea what goes on just beyond your frame of reference.

Mar 25, 2006 12:01 pm
Revealer:

Yeh. And that person is going to say what? Best firm on the street. We're BETTER than the rest. (Just look @ their ad campaign). I've never worked for jones, but in my many yrs. of observing how they do biz., I GENERALLY run into more unethical conduct w/jones reps than ANY other competitor. I attribute this conduct to a level of "rookieism" and "blinderism". Just do what the firm says and you'll be successful. Yeh,right....by whose standards? I intensely DESPISE those who give bad advice, screw people over for a trip, adopt a holier than thou attitude. Go to work for a REAL brokerage firm. At least compare. 


The ad campaign is "Making Sense of Investing". How in the world can you possibly misconstrue that to say that is saying Jones is better than the rest? In my neck of the woods I run across more unethical folks at RJFS, LPL and AGE but that doesn't mean they are not great firms to work for. To each his own, but at least be objective with a gripe.

Mar 25, 2006 12:28 pm
Big Easy Flood:
Revealer:

I GENERALLY run into more unethical conduct w/jones reps than ANY other competitor. 



And are you a head of compliance with a national firm?


How many different Jones brokers, across the country, do you encounter as competition.  You know, so that you can say that you run into "more unethical conduct?"


The very nature of Jones' business plan means that any one of us is not likely to "compete" with more than two or three Jones brokers and for most people there will be one Jones broker as competition.


Even if the sleaziest Jones broker in their entire organization has the office down the street from you you're being intellectually dishonest to conclude that every Jones broker is as sleazy as that guy.


The point is this.  Your perspective is very narrow, especially if you operate in a small town.  There are those who would consider you to be sleazy.  Would they be right, or would that be an unfair accusation?


Unless you are an NASD complance type, or a senior complaince officer of a firm, you have no idea what goes on just beyond your frame of reference.


Wow...if you're NOT Put Trader, you're doing a damn good imitation of him.

Mar 25, 2006 1:12 pm

i thought lance sounded alot like put trader also.

Mar 25, 2006 6:27 pm
noggin:
Revealer:

Yeh. And that person is going to say what? Best firm on the street. We're BETTER than the rest. (Just look @ their ad campaign). I've never worked for jones, but in my many yrs. of observing how they do biz., I GENERALLY run into more unethical conduct w/jones reps than ANY other competitor. I attribute this conduct to a level of "rookieism" and "blinderism". Just do what the firm says and you'll be successful. Yeh,right....by whose standards? I intensely DESPISE those who give bad advice, screw people over for a trip, adopt a holier than thou attitude. Go to work for a REAL brokerage firm. At least compare. 


The ad campaign is "Making Sense of Investing". How in the world can you possibly misconstrue that to say that is saying Jones is better than the rest? In my neck of the woods I run across more unethical folks at RJFS, LPL and AGE but that doesn't mean they are not great firms to work for. To each his own, but at least be objective with a gripe.

Mar 25, 2006 6:31 pm

I particularily like the one in the auction house IMPLYING that jones doesn't encourage buying/selling. Tell the truth noggin, ok to sell something IF it fits into your firm's notion of "What makes sense". I've seen great positions blown out IF purchased somewhere else because the jones broker needed to make a quota or some othe BS reason. Just be truthful, OK?

Mar 25, 2006 6:32 pm
Big Easy Flood:
Revealer:

I GENERALLY run into more unethical conduct w/jones reps than ANY other competitor. 



And are you a head of compliance with a national firm?


How many different Jones brokers, across the country, do you encounter as competition.  You know, so that you can say that you run into "more unethical conduct?"


The very nature of Jones' business plan means that any one of us is not likely to "compete" with more than two or three Jones brokers and for most people there will be one Jones broker as competition.


Even if the sleaziest Jones broker in their entire organization has the office down the street from you you're being intellectually dishonest to conclude that every Jones broker is as sleazy as that guy.


The point is this.  Your perspective is very narrow, especially if you operate in a small town.  There are those who would consider you to be sleazy.  Would they be right, or would that be an unfair accusation?


Unless you are an NASD complance type, or a senior complaince officer of a firm, you have no idea what goes on just beyond your frame of reference.

Mar 25, 2006 6:47 pm

Not head of any compliance. I am the almighty and powerful "Revealer". Reveal me this, Flood. Why is it that the ONLIEST firm I have EVER had use liquidation forms (instead of ACATS) is jones. I'll Reveal why, because the gutless little bast**ds don't want positions showing up and then have to liquidate to switch into the "magnificant 7" (er 8). No, when you liquidate @ the delivering firm, the trf. shows up as "new" $$. (Trip involved?) OK to put the client @ mkt. risk rather than sell/buy same day? Noooo, that makes  sense for the client but not the ir. I have had NO other firm do that, only jones and several irs @ that. Tells me this is something "trained" or at least talked about @ the "diversification trips."Before you rant about me losing accts to jones...we all lose accts and certainly gain accts. The diff. is how much guts the receiving broker has and how much concern for the client. That's all the frame of reference I need.Get real Flood (BTW) I'm off line for a vacation (paid by me). So if I don't respond, don't think I'm afraid to or out of words.

Mar 25, 2006 6:50 pm

Oh, and I WOULD like a compliance type explain away my previous post. How about a jones compliance person? How about a reporter who I know reads this forum? How about ANOTHER WSJ article exposing THIS practice? 

Mar 25, 2006 8:08 pm

most everything that is said about EJ is true. I worked for them.

Mar 25, 2006 8:25 pm
Revealer:

Not head of any compliance. I am the almighty and powerful "Revealer". Reveal me this, Flood. Why is it that the ONLIEST firm I have EVER had use liquidation forms (instead of ACATS) is jones. I'll Reveal why, because the gutless little bast**ds don't want positions showing up and then have to liquidate to switch into the "magnificant 7" (er 8). No, when you liquidate @ the delivering firm, the trf. shows up as "new" $$. (Trip involved?) OK to put the client @ mkt. risk rather than sell/buy same day? Noooo, that makes  sense for the client but not the ir. I have had NO other firm do that, only jones and several irs @ that. Tells me this is something "trained" or at least talked about @ the "diversification trips."Before you rant about me losing accts to jones...we all lose accts and certainly gain accts. The diff. is how much guts the receiving broker has and how much concern for the client. That's all the frame of reference I need.Get real Flood (BTW) I'm off line for a vacation (paid by me). So if I don't respond, don't think I'm afraid to or out of words.


I can't speak for the company but I can speak for myself and the way I run my business. I typically don't liqudate and ACAT because of many of the same reasons that you have illustrated. I am doing an ACAT on Monday that is in MFS and AIM that I am going to keep it there but make better choices for the client. It really bothers me about our industry that if one brings in an account in cash that there is much more latitude given but if it is transferred in-kind there is a totally different level of consideration given. I hope all of this makes sense.