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Jul 24, 2007 7:30 pm

In a row.

Jul 29, 2007 1:59 pm

http://www.jdpower.com/corporate/news/releases/pressrelease. aspx?ID=2007117

Jul 29, 2007 2:15 pm

Thanks, Dick.

Jul 29, 2007 8:36 pm

You're welcome!

Jul 29, 2007 8:53 pm

 “The primary driver in dissatisfaction among these vulnerable investors is a lack of contact from their investment advisor. Dedicating advisor time and attention can help enhance satisfaction and commitment among these extremely valuable, yet vulnerable investors.”


Duh. If one was cold calling, or coaching clients about making referrals, this would be a good opener. 'Course, ya have to walk the talk.

Jul 30, 2007 9:30 am

Outstanding.....where do I go to invest with them?  This is a deal closer for me!

Jul 30, 2007 2:53 pm

Ya gotta say, what they do right they do right.


Innerestin that their clients don't complain about fees and commissions. Here is a company that sells "a" shares, with a 5% hickey up front and people don't complain. But when I charge 2% to take a 20% profit (had a guy the other day, he was up another $8,000 in GNK that day and he wanted me to go easy on him on the commish to sell, he was up 260% from a little over a year ago! He paid full boat!) ...


So there must be a match of the customer to the firm there that is exceptional. It's not my cuppa, but then neither am I!

Jul 30, 2007 3:15 pm

The 5% "hickey" is a rarity, which is why people don't compain about commissions.  I can only speak about what I do with my own clients, but by the time we get to the point of them telling me they want A shares on $10K we have already discussed A, B, and C shares and the other fees associated with their accounts.  Most of the time the money I'm investing is at the $100K breakpoint or better.  3.5% one time up front doesn't sound anywhere near as menacing as 1% for the rest of your life. 


I think you are correct that there are Jones clients and people who don't belong at Jones.  Just like FAs.  Those who love Jones, stay.  Those who don't, leave (then whine, moan, and complain on this site).  Those who are indifferent deserve what they get.    

Jul 30, 2007 3:40 pm

Nah that's not it at all, if the dollar amt of the charge showed on confirms I guarantee you'd get a lot more complaints spiff.  Since it's a %, most people don't realize what they're paying.  With a strong market over the last three years the amt is often made up quickly.  Whom, if stock confirms showed a % instead of $ then IMO you'd get less complaints as well.  


Very few people tell the client this 150k purchase is only going to cost you FIVE Thousand two hundred and fifty big ones.  It SOUNDS a lot smaller as a %.   

Jul 30, 2007 3:43 pm
Spaceman Spiff:

3.5% one time up front doesn't sound anywhere near as menacing as 1% for the rest of your life.   



What about the 1-2% of mutual fund fees and expenses they'll pay for the rest of their lives? Those don't go down as their money grows like my fees do.

Jul 30, 2007 4:23 pm

Righto Gad.  I was caught off guard by LPL's confirms showing exactly the commission on the confirms, down to the last penny.  I was so used to the % quotes..and not the exact dollar amount.

Jul 30, 2007 5:42 pm

I agree that the % does sound a lot better than the actual $ amount.  I do tell people that number.  In fact, I hand them my calculator so they can do it themselves too.  They don't like it, but that's the way it works. 


EDJ to RIA -  You get what you pay for is the way I look at it.  I'll take the folks at American Funds managing money at .65% year over your brain any day.  Throw in the minds at Goldman and Franklin Templeton and you're way out of your league. 


Now, I don't assume that you're an unintelligent guy and I don't know squat about the way you run your portfolios.  I would imagine your just a guy willing to live and die by the sword.  I'm not that guy.  I know enough to know that I don't know everything.  I don't want to run an individual stock business.  Maybe you do.  Hopefully you're that good.  


I've heard the arguements about the internal trading costs, 12b-1 fees, blah blah blah.  The NAV goes up, the NAV goes down.  Dividends pay.  Cap Gains pay.  I think when you try to complicate things to make yourself look more intelligent it can come back to bite you.   

Jul 30, 2007 5:57 pm
Spaceman Spiff:

I agree that the % does sound a lot better than the actual $ amount.  I do tell people that number.  In fact, I hand them my calculator so they can do it themselves too.  They don't like it, but that's the way it works. 


EDJ to RIA -  You get what you pay for is the way I look at it.  I'll take the folks at American Funds managing money at .65% year over your brain any day.  Throw in the minds at Goldman and Franklin Templeton and you're way out of your league. 


Now, I don't assume that you're an unintelligent guy and I don't know squat about the way you run your portfolios.  I would imagine your just a guy willing to live and die by the sword.  I'm not that guy.  I know enough to know that I don't know everything.  I don't want to run an individual stock business.  Maybe you do.  Hopefully you're that good.  


I've heard the arguements about the internal trading costs, 12b-1 fees, blah blah blah.  The NAV goes up, the NAV goes down.  Dividends pay.  Cap Gains pay.  I think when you try to complicate things to make yourself look more intelligent it can come back to bite you.   


Spiffy on this one you are simply wrong. I left Jones 2 years ago and the ability to use any fund family no-load or load, big name or boutique is a superior model for almost any client.


I not only get to access the minds @ Goldman, Franklin, American but throw in T Rowe Price, Dodge and Cox and numerous others I have no allegiance to one family and resources of many.

Jul 30, 2007 6:36 pm

Spiff you are a drone of the GP's. When you leave another one who talks like you will replace you.


Anyone else getting tired of how perfect Spiff contends he is?

Jul 30, 2007 7:04 pm

There are good posters here and there are douches...


In defense of Spiff, he falls in the former category. I dont think he claims to be perfect or possess the ideal practice- he simply has conviction in the firm he works for. He acknowledges that there are issues at EDJ, and he also states that there are issues at every firm or platform.


While I dislike Jones' business model and personally feel they reduce the integrity of the profession, I commend his willingness to stand up for his beliefs and continually battle the countless former EDJ's who attempt to lob in grenades. The way he handles these encounters gives me way more respect for him than the crew of former reps who spew comments and come off like little children who are pissed at the former babysitter who didnt give them extra cookies before bedtime...

Jul 30, 2007 7:38 pm

Blarm-


Did he build anything from scratch. NOT.



He waited in the wings, did his time in home office and then took over after someone left. He would have my respect only if he buillt it from the ground up, the old fashioned way. One foot in front of the other.



Jul 30, 2007 10:23 pm

You like your model portfolio so much, how many people do you have in it? Use EDJ research if you do not trust your own. How about a GS seperatly manaaged account? You have may 100k orders. How many million plus into mutual funds? Not many I bet.

Jul 30, 2007 11:28 pm
Jul 30, 2007 11:34 pm

I'll grant you Joe, Spiff seems a bit smarter than the average FA at Jones.


Jul 31, 2007 11:29 am
footsoldier:

Blarm-


Did he build anything from scratch. NOT.



He waited in the wings, did his time in home office and then took over after someone left. He would have my respect only if he buillt it from the ground up, the old fashioned way. One foot in front of the other.



You're assuming I took over a hefty book?  You're an idiot.  You believe that everyone who is successful at Jones was given a handout, a big office with lots of assets?  That there is something magical about building an office from scratch?  That's a bunch of crap and you know it.  There's nothing magical about starting from scratch.  It sucks.  Period.  I think every new FA, Jones or otherwise, should start with at least a few accounts, just to say thay have something.   


Here's my background for those of you who haven't figured it out from my other posts.  I came from the home office.  I spent 6 years there making squat.  When I started looking at going to the field, I really wanted to go back to my home town, but there were already 2 brokers there and not enough room for a third.  So, I asked the RL in the town I live in if he had any opportunities.  He had a small office coming open.  Less than $10 million.  4 miles from home.  Perfect.  I figure a little less than $6 million is what I was left with after the dust settled.  That's where I started with this office.  I'm not a GPs pet project or a RL's favorite son. 


I wouldn't have lasted a year on a book like that without doing the same work as a new/new.  I doorknocked every day.  I still doorknock.  I made the product calls using the Phelan close.  I still make the calls (most of the time).  I'm getting some referral biz, but not enough.  What part of how I'm building my business don't you respect?  


I use the model portfolio for stocks.  I use the preferred funds almost exclusively.  I like A share annuities.  I don't have a lot of $1 mil accounts.  I'll take the $300-$500K accounts all day long (in fact I just took one from Raymond James ).  I like the Jones model.  I've never professed I'm perfect and I've never said that Jones is perfect.  I will say emphatically (that means a lot, with conviction - put  your dictionary away foot) that Jones is not the evil monster you people make them out to be.  I respect that you people may have some ill feelings toward Jones for whatever reason.  Don't paint me with the same brush you have reserved for the mother ship.