Who Still Offers B Shares & Best Bond Funds
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B24 - I would say you are in the minority of Jones brokers with the way you do things. THE VERY SMALL MINORITY. I think you do things the right way, but a majority of EJ FA's, me included when I was there, looked at the preferred families, the funds available, hit a breakpoint, sell come Corp and Muni's and all is good. There is nothing wrong with that. I am just saying that is how they do things and for people with less than 250k, that is all you really have to do. IMO.There are guys like B24 that do things differently at Jones and that’s great. I think B24 is more suited to be an independent, but that will be a decision he’ll have to make.
Wind - Jones didn’t hire you to manage portfolios and select securities for people. They hired you to grow assets and make money for the firm. They pay people to do the stuff you want to do.
Like Ron said, it’s not a dig. I would like nothing better than to have other people deal with the client side while I simply make investment recommendations.
Jones has the scale to hire people to make investment recommendations and hire brokers to sell it. That’s what you do. If you want to make investment recommendations you can, like B24 and some others there, but that’s not what Jones hired you for.
I'm not sure it's a good thing, that you schedule your day with "posting on here". Maybe you shouldn't post here :) lol. I cut back about 95% of my posting, you can too!!!.You can do it Spiffer...It’s just not possible for me to run my business, post on here so much, and search the universe of funds for the right combination to use.
This goes back to my commercial bank analogy. You walk into a retail Bank of America branch in my neck of the woods and the "branch manager" is more than likely to be less than 35 years old and more than likely not have a college degree. That's because people with more experience/education would not take that job because of the hours, pay, and sucktitude. If EDJ (or any other captive B/D for that matter) could really have their way, that would be their model, because more money would flow to the top. Their one hindrance is FINRA and the examinations, which the average joe just cant hurdle. I hear alot of bitching about FINRA, but without them, captive reps would start looking like McDonald's fry cooks pretty darn quick.Spiff, B24 - Have you heard about this new program that involves, putting in paramaters (age, etc…) and the program builds the portfolio for us? That’s the kind of thing I don’t like. Advisory is not too far off. I understand Spiff, what you are getting at, but at the same time, you have that retirement conversation once, maybe twice…Everything else is performance. I don’t think I have EVER had a client come in for an appt and not wanna talk about their performance.
I have heard about a program like that. Not sure how far down the road it is, but I believe they're working on it. I think whatever that software looks like it will end up being kind of like Advisory where you can just simply click OK and go for it, or you can pick and choose what part of their scenario you really want to use. I can't imagine them actually telling us to use Fund A over Fund B. I can see them telling us to put 10% in LC Growth and give us a list of LC Growth funds to pick from. I've also heard about an Advisory type account, there's a name for it that escapes me right now, that they're working on that would allow stocks, funds, bonds, UITs, CEFs, ETFs, etc all in one account. The GP that told us about it said that it's in the near future. That was pretty vague, but at least they're thinking about it. I agree that people want to know about performance. But, they don't typically want to hear the specifics. Give them the bottom line, something to compare it to, and they're happy. You need to have that retirement conversation annually. Lots of things can change in a year. It might just be a review to find out if you're still on track for their goals, but if you have the conversation with they've 50 and then again at 55, you're going to miss something. And there are lots of other things to talk about besides retirement. It's those other things that can really become meaningful to your clients.Spiff, B24 - Have you heard about this new program that involves, putting in paramaters (age, etc…) and the program builds the portfolio for us? That’s the kind of thing I don’t like. Advisory is not too far off. I understand Spiff, what you are getting at, but at the same time, you have that retirement conversation once, maybe twice…Everything else is performance. I don’t think I have EVER had a client come in for an appt and not wanna talk about their performance.
I have heard about a program like that. Not sure how far down the road it is, but I believe they're working on it. I think whatever that software looks like it will end up being kind of like Advisory where you can just simply click OK and go for it, or you can pick and choose what part of their scenario you really want to use. I can't imagine them actually telling us to use Fund A over Fund B. I can see them telling us to put 10% in LC Growth and give us a list of LC Growth funds to pick from. I've also heard about an Advisory type account, there's a name for it that escapes me right now, that they're working on that would allow stocks, funds, bonds, UITs, CEFs, ETFs, etc all in one account. The GP that told us about it said that it's in the near future. That was pretty vague, but at least they're thinking about it. I agree that people want to know about performance. But, they don't typically want to hear the specifics. Give them the bottom line, something to compare it to, and they're happy. You need to have that retirement conversation annually. Lots of things can change in a year. It might just be a review to find out if you're still on track for their goals, but if you have the conversation with they've 50 and then again at 55, you're going to miss something. And there are lots of other things to talk about besides retirement. It's those other things that can really become meaningful to your clients. [/quote] Unified Managed Account (UMA)[quote=Ronnie Dobbs]Spiff, B24 - Have you heard about this new program that involves, putting in paramaters (age, etc…) and the program builds the portfolio for us? That’s the kind of thing I don’t like. Advisory is not too far off. I understand Spiff, what you are getting at, but at the same time, you have that retirement conversation once, maybe twice…Everything else is performance. I don’t think I have EVER had a client come in for an appt and not wanna talk about their performance.
I don’t believe that’s a Unified Managed Account. Only thing I’ve ever seen in an UMA is multiple sub-advisors (SMAs) with maybe an ETF here or there.
I think Spiff is referring to an Advisor (FA) Directed Account or Client Directed Account - basically a fee based account that you can practically by everything in.[quote=Wet_Blanket]I don’t believe that’s a Unified Managed Account. Only thing I’ve ever seen in an UMA is multiple sub-advisors (SMAs) with maybe an ETF here or there.
I think Spiff is referring to an Advisor (FA) Directed Account or Client Directed Account - basically a fee based account that you can practically by everything in.[/quote] Hell, I have yet to open one, but here's Investopedia's take: http://www.investopedia.com/terms/u/uma.aspIf you want to manage money then go get your CFA. The Series 7 does not qualify you to actively manage people’s retirement accounts. There are specialists with a crapload more education than you and a sh*tton more experience who do this for a living. If you are a broker you are not managing money for a living, you are doing sales and customer service.
Spiff hit the nail on the head when he said he looks at all the pieces of someone’s financial puzzle and pieces them together but farms out the portfolio management to people more qualified to do that.
If you’re picking funds for people in their retirement portfolio you’re doing them a disservice.
What do you know about my plans or my knowledge? I am already enrolled in the AAMS course, then i'm going for my CFP. Aswell, as plans on getting my PHD in Finance. How about you stop being a d***....Theres a start.....If you want to manage money then go get your CFA. The Series 7 does not qualify you to actively manage people’s retirement accounts. There are specialists with a crapload more education than you and a sh*tton more experience who do this for a living. If you are a broker you are not managing money for a living, you are doing sales and customer service.
Spiff hit the nail on the head when he said he looks at all the pieces of someone’s financial puzzle and pieces them together but farms out the portfolio management to people more qualified to do that.
If you’re picking funds for people in their retirement portfolio you’re doing them a disservice.
Isn’t the AAMS an open-book test? There’s a couple of Jonsers in my market with that credential and I can’t see that it’s made a damn bit of difference in their ability to manage money.
The AAMS is required at Jones to move to Seg 4. I've skimmed over the books i recieved for the course, and it can definitly be worth it, if you actually study it. Anyone who has gone to college knows there are 2 kinds of students. The nes who passively get through and the ones who actually study and become very knowledgable. I'm not doing anything just for the designation. As i've said, i very much enjoy the process of building a portflio and want to learn all I can.Isn’t the AAMS an open-book test? There’s a couple of Jonsers in my market with that credential and I can’t see that it’s made a damn bit of difference in their ability to manage money.
I’ve got the AAMS on my card and NOBODY has ever even recognized it. I think Jones made it a requirement so that all of their FAs will eventually have some initials behind their name. They can’t call us VPs or Regional Marketing Directors or some lame made up name like they do at other companies, so they did the AAMS thing. Some folks used to call it CFP lite, but it’s not even close. A good, long weekend with some study time and you’re ready to go.
Wind - kudos for wanting to learn and enjoy the process of portfolio building. I used to feel the exact same way. I wanted to learn about MPT, loved talking with Ice about ETFs vs funds, and just got way too far into the weeds when I was trying to construct a portoflio. One day when I was sitting in my office at 6:30pm, trying to get a portfolio perfectly balanced, lots of alpha and as little SD as possible showing on the reports, I realized that I'd never be able to get as good as the folks at our HQ who already have their CFAs and lots of other experience to boot. Not without going back to school or spending the next 5 years in the home office working my way up to the analyst level. I suddenly became not so interested. You may be just the opposite and can't live without the academia of portfolio building. Just make sure that you balance your time between building your book and building your knowledge base. Jones will terminate a CFP who's on goals just as quickly as they will anyone else.What do you know about my plans or my knowledge? I am already enrolled in the AAMS course, then i'm going for my CFP. Aswell, as plans on getting my PHD in Finance. How about you stop being a d***....Theres a start.....[/quote] The AAMS is a total joke. It isn't even CFP lite, which some refer to it as. It is a total waste and it isn't recognized by anyone. The AAMS and CFP have absolutely zero influence on the management of money. The CFP doesn't help you pick stocks, funds, trades or anything. It is for financial planning not financial analysis. If you have taken the CFP classes you can pass the AAMS tests without buying the books.[quote=BerkshireBull]If you want to manage money then go get your CFA. The Series 7 does not qualify you to actively manage people’s retirement accounts. There are specialists with a crapload more education than you and a sh*tton more experience who do this for a living. If you are a broker you are not managing money for a living, you are doing sales and customer service.
Spiff hit the nail on the head when he said he looks at all the pieces of someone’s financial puzzle and pieces them together but farms out the portfolio management to people more qualified to do that.
If you’re picking funds for people in their retirement portfolio you’re doing them a disservice.
Ok, let me ask you guys a question.
If conventional wisdom is that the majority of an investor's performance is dictated by their investment behavior and their asset allocation vs. the actual investments they hold, then why worry so much about whether your corporate office picks the funds or you do. I think most people would say that the explosion of ETF's and Indexing has really shown that the majority of investors prefer that over individual stock picking. That and the fact that very very few people (and certainly not any Financial Advisors) can 'stockpick' better than professional money managers over the long haul. Even money managers have trouble beating the 'market' over the long haul. The risk adjusted return of actively managed funds, I would argue, is better, but that is certainly an ongoing debate. I'm not digging on EDJ or anything because I don't see any problem with that. To wit, I think it makes alot of sense to not have to design the portfolio of every account. The possible exception is that if you cannot trade individual securities in the account that would bother me if I had clients that traded alot but then, they are traders and not investors for the most part. I can't speak for Gaddock or anyone else, but I know that professional money managers have alot more experience, understanding, and resources than any of us do at 'picking' investments. I honestly think one of the biggest problems with our industry stems from people like Windy who have been in the business less than 5 years and think they can 'out-pick' the professionals. They have just enough knowledge to get in trouble. There is ZERO chance that he can outperform any index or Managed Fund on a risk adjusted basis over a 5+ year span.[quote=LSUAlum]Ok, let me ask you guys a question.
If conventional wisdom is that the majority of an investor's performance is dictated by their investment behavior and their asset allocation vs. the actual investments they hold, then why worry so much about whether your corporate office picks the funds or you do. I think most people would say that the explosion of ETF's and Indexing has really shown that the majority of investors prefer that over individual stock picking. That and the fact that very very few people (and certainly not any Financial Advisors) can 'stockpick' better than professional money managers over the long haul. Even money managers have trouble beating the 'market' over the long haul. The risk adjusted return of actively managed funds, I would argue, is better, but that is certainly an ongoing debate. I'm not digging on EDJ or anything because I don't see any problem with that. To wit, I think it makes alot of sense to not have to design the portfolio of every account. The possible exception is that if you cannot trade individual securities in the account that would bother me if I had clients that traded alot but then, they are traders and not investors for the most part. I can't speak for Gaddock or anyone else, but I know that professional money managers have alot more experience, understanding, and resources than any of us do at 'picking' investments. I honestly think one of the biggest problems with our industry stems from people like Windy who have been in the business less than 5 years and think they can 'out-pick' the professionals. They have just enough knowledge to get in trouble. There is ZERO chance that he can outperform any index or Managed Fund on a risk adjusted basis over a 5+ year span. [/quote] Or maybe it's people like you who can't read. I never said i could outperform a managed fund. I said i enjoy the process and want to learn as much as possible about it myself. Then again, whats the good in picking a managed fund, if you don't understand what you are looking at.....Thats my point LSU....You guys seem to always have it out for newer people, willing to learn more than most.....Always with the "Know enough to be dangerous" speech. Enough already. I don't do things the same as you, nor will I ever. I hae my way of doing things that has worked out very well for me and i'll continue on my path to Seg 4. I enjoy the research of funds/stocks/etc...You don't or don't believe you can do well. That's fine, but thats no reason to doubt my abilities to learn.Continue to do all the research you want. The CFP won’t help you with any of it.
Love the new signature Ron!Continue to do all the research you want. The CFP won’t help you with any of it.
Love the new signature Ron![/quote] Ron would have no existance if he didn't cut jokes at me....[quote=Ron 14]Continue to do all the research you want. The CFP won’t help you with any of it.
Love the new signature Ron![/quote] Ron would have no existance if he didn't cut jokes at me....[/quote][quote=Mr.Blonde][quote=Ron 14]Continue to do all the research you want. The CFP won’t help you with any of it.
Another keyboard ruined.