August 19th for EDJ Clients

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Aug 10, 2005 4:19 pm

Just got a call from one of my prior clients at EDJ.  He received his letter.....finally.....telling him that August 19th was the date to move his mutual funds from one company to another, pursuant to the Ca. lawsuit.  I'm not sure if that is the deadline or the beginning date.


I had advised him to wait until he moved his funds before transfering to me and take advantage of this opportunity.  Some of the funds were Putnam that he had from a prior broker and we added to those stinky positions to get a breakpoint. Some were funds that we purchased in another "favored" family.   I know, some of you think that is stupid, because I could have made money by moving the funds myself after he had transfered.  But, I think that by advising my client to wait and take advantage of this opportunity to dump Putnam and get into a new fund family at no cost, I have done the best for my client. He appreciates the fact that I put him first, is going to transfer his 250k + account and tells his friends an neighbors about me.


Aug 10, 2005 7:27 pm

The only thing that is stupid is the post. What do you want, kudos for doing the right thing. You should be satisfied within YOURSELF not to have to let us all know what a wonderful rep you are. I find this very patronizing. If your point is that Putnam should not be rewarded with new money I agree. What you are doing is making yourself look good (or trying to) and then asking us to pat you on the back. Maybe you should suggest to your prospect to leave the account where it belongs and only send new money to you. Or maybe your new prospect should send ten of her friends to you. You will profit, at least 20% higher, since you left EDJ.


I am getting tired of all the self serving ex EDJ'ers. Maybe there is a forum for those of us who just want to learn about the biz. What ever happened to good 'ol fasion sales ideas.

Aug 11, 2005 1:46 am

Good for you Looney.  The point, 7year, is there were many EDJ reps who used Putnam's misfortunes to double-dip clients and profit from the situation.  You know, full rip on Putnam.  Then, call the people back and scare the b-Jesus out of them two years later and re-load them into American Funds.  Just to back you up Looney, I was still at Jones when Lord Abbett, Hartford, Goldman, and Federated were all offering NAV transfers.  I was ripped and berated by a top producer for using these programs in front of a group of other brokers.  He was bragging about all of the money he was making from this double dip.  When I asked, "What about the client?", he responded how stupid I was for not lining my own pockets with the opportunity so readily present. 

Aug 11, 2005 10:30 am

Thanks Soothsayer.  The point also of my post is that EDJ has....finally... sent a letter to clients.  I have no idea what the letter actually says, however, maybe now Player will stop with the emoticon loaded "have they told the truth posts".    I was also called a fool for not double dipping during my time at Jones and again on this board after I left and was transitioning my clients.


7yrvet has a complex.  I don't "bash" Jones.  I tell it like it was, from my perspective.  It was a good incubator for me to move to an independent platform and I have no animus towards those, like 7, who are happy with their lives there.  To each his own.  If 7yr has a sales idea lets hear it.  I have offered several in other posts.  Get over yourself.

Aug 11, 2005 12:20 pm
7yrvet:

I am getting tired of all the self serving ex EDJ'ers. Maybe there is a forum for those of us who just want to learn about the biz. What ever happened to good 'ol fasion sales ideas.


Huh?  All the doorknocking training you received and the daily 600yr muni bond ideas @ 3.5% not enough for you?  I am most impressed it took you 7 years to figure out YOU are responsible at Jones for your development.  Thats why your here looking around.  But go ahead and continue to bash those who bettered themselves- and their clients.  From this side it definately makes you look the better person.