[quote=Spaceman Spiff]I think it's rare for smaller producing transfers.  A recruiter told a group of us yesterday that we are working on a big producer from ML that would bring about $250 million over to us.  He might get a check, she didn't say.  BTW she said the reason he's moving is that he's tired of the pressure from his BM to sell the firm's flavor of the day and pushing him towards fee based biz that he says isn't good for his client base.  Hmm...interesting. [/quote]

Sounds like the stories I used to hear from my RL a few years ago when I was at Jones.  There was always some big producer from a wirehouse that was considering coming to Jones because they didn't like the pressure from the wirehouse.  Funny thing is, none of them ever came to Jones.  Kind of makes you think these classic Jones stories are nothing more than the continued brainwashing handed down from the GPs

Spiff, I have a real hard time believing that a ML vet with $250 million under management is receiving much pressure from his BM.  I also struggle with the thought of a big fish at ML not believing in fee based planning. 

Spiff, my man, you must stop believing all the BS that is fed to you by the powers to be at Jones!

And you guys have to stop believing the BS that Jones is an evil empire and that all the GPs care about is lining their pockets.  What makes our GPs different than the management at the wirehouses that keep changing the grids, decreasing or eliminating payout for small accounts, pushing fee based?  Aren't they looking to line their pockets too?  Oh, wait.  They're not partners, they're shareholders.  Of course no decision is ever made at ML, MS, et al that would create an increase in stock price. 

Of course you independants don't have to worry about what management is doing since you don't have any.  You get to make decisions on your client's behalf that directly impact YOUR pocket.  Yeah, that's a perfect scenario. 

Whether you believe what the recruiter told us or not is irrelevant.   Maybe for that broker he didn't believe fee based was the best way to go.  Maybe he'd actually examined his book and determined that his style was buy and hold where a fee based business really doens't belong.  I really don't know.  I do believe however that for every Jones broker that has been "brainwashed" that fee based business is evil, there are three other brokers in the industry who have been brainwashed to believe if you don't do fee based you are missing the boat.  Neither is true in all cases.  That's why Jones is launching it for us. 

[quote=Gone Indy]

[quote=Spaceman Spiff]I think it’s rare for smaller producing transfers.  A recruiter told a group of us yesterday that we are working on a big producer from ML that would bring about $250 million over to us.  He might get a check, she didn’t say.  BTW she said the reason he’s moving is that he’s tired of the pressure from his BM to sell the firm’s flavor of the day and pushing him towards fee based biz that he says isn’t good for his client base.  Hmm…interesting. [/quote]

Sounds like the stories I used to hear from my RL a few years ago when I was at Jones.  There was always some big producer from a wirehouse that was considering coming to Jones because they didn't like the pressure from the wirehouse.  Funny thing is, none of them ever came to Jones.  Kind of makes you think these classic Jones stories are nothing more than the continued brainwashing handed down from the GPs

Spiff, I have a real hard time believing that a ML vet with $250 million under management is receiving much pressure from his BM.  I also struggle with the thought of a big fish at ML not believing in fee based planning. 

Spiff, my man, you must stop believing all the BS that is fed to you by the powers to be at Jones!

I have friends at other B/D’s that have told me they have vets just like that

- old school, they sell product, they manage their own book, they don’t

hire money managers. Sort of the “can’t teach an old dog” thing. So,

there ARE some big-time producers that are purely transactional in

nature, just not as many as years past. I can’t imagine taking a 60 year

old guy 30 years into the business and trying to get him to change his

book. The reason the BM DOES give him crap, is that his book would be

worth about triple what it is now if he could wrap everyone.



And Spiff, as you said, and as I have said in other forums, every decision

is a business decision. All those decisions either improve client loyalty,

improve the bottom line, or improve employee retention. At the end of

the day, it’s about the owners pockets (substitute GP, partner,

shareholder, independant RIA, whatever).

Bottom line…Jones is a great place to start if you have never been in the business.  However, after gaining some experience, you better be looking at other firms to build a book and establish a career.