$18.33 per account EDJ settlement
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I knew it…They don’t understand the “upkeep of computers” topic. Jones has so indoctrinated them.
You don’t hear many people trash talking about the Merrill’s and the Morgan Stanley’s and the Smith Barney’s and the UBS’s because they have so much to offer that offsets the crap…that’s what is not understood by an EDJ guy. LPL understands that. So do many of the other independents. Why is it not understood by Jones brokers??? Because if you investigated, you couldn’t stay where you are… plain and simple. These BIG guys don’t put the shareholder first and then the FA next and then the client----idiots! Most (almost all) of them put the clients first! Don’t you get how competitive it is today? And then, as I ask that question, I realize that EDJ doesn’t. They don’t have the $10m accounts and the $5m accounts and have few of the $1m’s. The thoroughbreds are not running with the mongrels here. Guys and Gals—Jones swallowers all----you may get the rogue $1m or $2m account, but you have no clue what it’s like to manage wealth. Your average account size speaks for you. There are a few smart people at EDJ in every region—maybe 5 out of 50…the rest are sheepshearers gone advisor… advisors of what?..I don’t know anymore. Two years free, and I truly believe most in your regions are the ones I used to see at every regional meeting— Remember that guy that stood up and got three offices’ assets rolled into his and he just had a $15k month (gross) after 3 years of working it and he was the one picked to tell the entire region how to do this business?! I love that guy!
Back to my original post....I love my $18.33 check. I have had more calls on it, and it makes me smile! God Bless America!Ice-I don’t think I said in my post that I was unsuccessful at EDJ or where I am now or that the corporate cults made me have personal failures. I am not a failure…in fact, the opposite. I attract the clients you describe above. I didn’t have the tools at Jones to properly manage wealth in those HNW spaces… especially knowing what I know today. I honestly can say I know the intelligence side of the business (and am still learning after 10+ years in the biz) and not just the sales side…and I’m still learning because I AM SOMEWHERE ELSE. I’m thankful for that.
My issue with Jones is defamation and slander. You stop that at EDJ, you stop most of this forum, because nobody really cares if there are people who want to stay there. It's okay. It is everyone's responsibility to stop. Individuals saying it's a regional thing is a copout.[quote=bspears]
I know it is a scary world out here. The propaganda spewed by your company to keep you captive...I remember all the talk in the region when someone would leave..."they won't get 1 client to move"..."the expenses going Indy will eat you alive"...I'm a testatment to the contrary...The clients do and will gladly move to you...and the expenses are what you want to spend. Technology is at your fingertips...whatever you want to do..you can do..set your office up the way you want...set your practice up the way you want..PROSPECT ANYWHERE..hell you can even transfer clients from other LPL reps and not hear shit from anyone!!
[/quote] Foks, don't just pick out what you want to hear in order to bash me. I was sinmply listing the things you get for the tech charge, and what it costs you. I wasn't defending it, I was simply stating some facts. I don't remember saying that you can't get technology, or service, or capture HNW clients, or hatever as an Indy. I was simply trying to balance the "Jone is the absolute worst, and here is why...." comments with a dose of reality. The fact is, success is possible with ANY firm, indy or not. It is all about the person, not the firm. I have seen absolute success at Merrill, and I have seen absolute train wrecks. Same with Jones, and same with Indies. I guess I just opened a can o' worms with prior post. Oh, and Spears, it's BROKER24, not BROKE24. But I got the innuendo . Very cute. I have been missing you the past few months. I knew you couldn't stay away...The TR trying to save my clients after I left sent an old Smart Money or similar mag article out bragging about the average account size at Jones being around 33k or something. It pushed those few larger clients that were hesitant to move over the edge.
[quote=donatello]
My issue with Jones is defamation and slander. You stop that at EDJ, you stop most of this forum, because nobody really cares if there are people who want to stay there. It's okay. It is everyone's responsibility to stop. Individuals saying it's a regional thing is a copout.[/quote] What planet do you live on? The "defamation and slander" that you think is going on has very little to do with this website. The people on here like spears or foot have a fundamental issue with the way EDJ is run. Spears- correct me if I'm wrong, but you've never mentioned that you felt you were being slandered in any way because you left Jones. Not in a way that would affect your ability to gather assets. D - maybe you have some serious issue that should be dealt with legally. But if you're trying to blame your lack of gathering new assets or bringing your old assets over with your on EDJ, maybe you need to spend some time on your prospecting skills rather than on worrying about how to sue EDJ for slander.Oh lets see…“He only left so he could offer more aggressive investments, that we don’t allow here at Jones”…“He couldn’t offer big commission products here so he left”…many more little inuendo’s. That was the first dude who was in the office for a few weeks…the second wasn’t there long enough to matter and we’re on our third flunky…yes I’ve been away for a whopping 14 months…That definately rings of SUCCESS…beware newbies…
Spiff-bspears corrected you. You were wrong. If you want stories—folks—speak up.
The haughty bashing is systemic in the company. End of story. You're a good person...glad you are not one of the problems. Sorry you have so many that are. There are quite a few people on this forum that would like to see you go into the light.How bout this ONE example-“Well Mr Client, we cant give you specifics about why he left, let’s just say it’s confidential between him and his assistant.”
You know what that implies. And that's ONE example. I have many more.BS Pears if that comment was for me … The majority of my book is yours and my beloved AMF. The difference is I dont have to sell Putnam, GS, Federated etcetera etcetra etcetera. And I can do fee based for the clients want to trade and not pay all the commission up front to find another putnam laying in the gp weeds to switch to another of the 7 and pay again and I know most ej brokers did that and I dont push world com, global crossings and the list of wonderful stock offered my a less than averager research dept and subprime cmos offered at Jonestown. I will frame both the letter and the check just to screw up the bookeeping. I will cash the other four checks I got from them though
bspears I apologize I mis read the string. Glad to be free and the freedom has me ligtheaded.
My personal favorite was when the person that took over my office told a client in the middle of an acat that Pershing was a fly-by-nite that nobody had ever heard of. I think she might have meant nobody at Jones had ever heard of them…My other fav was when she told people that I just didn’t fit into the Jones buy and hold philosophy. I couldn’t even argue with that since I actually put in my resignation letter that I believed revenue sharing was the basis for the philosophy and not a sound investment practice when done within the Jones model. (I refer you to all of those Bank stocks that were sold over the last decade by Jones reps and wonder if they insisted their clients hold them in the face of an obvious downturn. )
OK, enough with this we don't understand crap. We do understand that we could probably go out to every box store or internet site, do the homework, set up all the accounts ourselves, monkey around with the computers, phones, etc to get everything to work right all the time and save ourselves a little money every year. I don't have to. Period. Not that I can't. I don't want to. I want to run my business, help my clients meet their goals, and go home. I walked into my office yesterday and my printer wouldn't turn on. Don't know why. My first thought was, crap. Now I have to get a new one. I told my BOA to fix it. A quick phone call to HQ, and 15 minutes later it's fine. How much did that cost me? ZERO. Zero dollars, zero time, zero headaches. Like I said, enough with the we don't understand.AND you guys still don’t understand the tech/telecom issue.
You mean those horrible stocks like BAC, USB, WB, or MS? Yeah, I'm all broken up about my clients owning those. Man, what horrible companies they are. I'm sure they'll never recover from their current downturn. How about my cyclicals? Should I get rid of those? Should I liquidate all of my Muni bond positions right now too? Holy cow are they really down.My personal favorite was when the person that took over my office told a client in the middle of an acat that Pershing was a fly-by-nite that nobody had ever heard of. I think she might have meant nobody at Jones had ever heard of them…My other fav was when she told people that I just didn’t fit into the Jones buy and hold philosophy. I couldn’t even argue with that since I actually put in my resignation letter that I believed revenue sharing was the basis for the philosophy and not a sound investment practice when done within the Jones model. (I refer you to all of those Bank stocks that were sold over the last decade by Jones reps and wonder if they insisted their clients hold them in the face of an obvious downturn. )
Spiff-
1. You are paying through the nose for that service. 2. You seem to think that "going to every box store in town", "monkeying around with the computers, phones" to "save a little money every year" is a fair trade off. This is a clear sign that you are completely indoctrinated. It's not fair to you. I only wish I could help you see the reality of just this one issue. You spend more time driving to your office each week than I spend on my tech/telecom each year. My sincere hope is that you would understand that the time savings that you percieve to be so beneficial are a smokescreen that jones has developed in your mind. I am not against you, Spiff. My hope is that you would see things more clearly. The mere fact that you are defending things about jones that are only a reality in the "jones world" proves that you cant see truth right now. I would love to have you spend just one week with me, or any other indy, to see the light. Spiff, I used to say the EXACT things (and I do mean EXACT) that you are saying in many of your posts. I have never met you (most likely). Jones was scripting my mind (and now your mind) with these same arguments that you present. Once you leave, and you will someday, you will see the that you were in a false utopia and all of these "reasons" to love jones were manufactured in your mind by jones repeating the same mantras over and over.OK, fair enough. I appreciate the comments. Who knows, one day I may put up a post with some real questions about the indy world. Time will tell.
You never know if you and I have met. I spent almost 5 years in HQ training new FAs in some capacity. If you remember who your ATL was when you came through the New IR Training classes I can tell you if we've met or not. PM me if you want.