Best Places to Work

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May 4, 2006 9:33 am

Edward Jones was recently named the #1 place to work in Indiana and Illinois, #2 in New Jersey, and #3 in Rhode Island. Fortune Magazine named the firm #16 overall nationally and #4 for large companies. This is the seventh time they were listed on the Fortune 100, including 5 top 10's and 2 #1's.

May 4, 2006 10:11 am

According to whom? How does it go...Ignorance is bliss.

May 4, 2006 10:39 am

Hey Spammer, either post this propaganda in "general" or "What's up at the firms".  I don't need to vomit twice.

May 4, 2006 10:49 am

Best place to work as long as you are handed a 50 million dollar office.

May 4, 2006 11:03 am

How could it not be one of the best places to work - what other firm gives you the ability to provide yourself with an 81% pay raise while not providing a payout raise to slaves who earn the money?


I would vote in favor of that too!

May 4, 2006 11:23 am

I remember Bachman saying that the IR's were the "profit center" of the firm. He was'nt lying, we did all the work and the GP's kept all the profits! Best Place to work.......right.

May 4, 2006 11:26 am

You guys are hillarious...


Edward Jones - 2005-2006


#1 place to work in Indiana


#1 place to work in Indiana


#1 place to work in Kentucky


#1 place to work in Hawaii


#2 place to work in New Jersey


#3 place to work in Rhode Island


#1 full-service brokerage SMART MONEY MAGAZINE


#1 Brokerage REGISTERED REP MAGAZINE (13th consecutive year)


Ranks Highest in Investor Satisfaction with Full Service Brokerage Firms- J.D. Power


One of the best advocates for its customers - FORRESTER RESEARCH



Naysayers can continue to bash EJ for whatever respective reason they have.  The FACT remains that Edward Jones continues to uphold a CULTURE of doing what is right for the client.  If they did not, there is truly no fathomable way they continue to win awards...the track record is too long. 


Of course there will always be execptions, as with any organization of 30,000 employees, but the company is not as bad as this forum would have everyone believe.


Now...Go ahead and let me have it.

May 4, 2006 12:02 pm

Is it Edward Jones that causes its advisors to do what's right for its clients or is it the advisor? 


This company is not as good as you blind followers would believe either.

May 4, 2006 12:29 pm

Is encouraging clients to continuously turn their assets over in their best interest?  Some want that, I understand, but others are better suited for buy and hold.  It's kind of a new wave in investing.


The thing that people get so bent out of shape with, jewalter, is that they will tout that all day everyday.  What happened to modesty and humility?  I work with a mid-sized indy BD that has won numerous awards and ranks higher than Jones in Dalbar surveys, but they don't feel the need to shout it from the rooftops. 


At the end of the day, why does a client care what awards a company has received when it's the people that are driving the bus?  I want to know that my advisor (who is not with Jones) is good at what he does, whether he works for EDJ, Merrill, out of his house,  gas station, wherever.  The lack of modesty and humility is just annoying, that's all.  You don't hear blarm telling you that ML is best because they have the highest production average do you?

May 4, 2006 12:55 pm

dont need to.... ML versus EJ is a f-ing joke...

May 4, 2006 1:00 pm

BrokerRecruit,


"Is encouraging clients to continuously turn their assets over in their best interest?  Some want that, I understand, but others are better suited for buy and hold.  It's kind of a new wave in investing."


Huh?  You obviously have no personal experience with Jones.  To say that Edward Jones encourages clients to turn assets over is asinine.  FACT - Edward Jones is given a priveledge by the SEC to not have a branch manager in every office.  This is due to our compliance record. 


To your other point of modesty and humility...


Is it not human nature to be proud of accomplishments and accolades?  I submit that the reason you hear sooooo much about the accomplishments at Jones on this forum is due to the fact that the company is constantly defamed by disgruntled former employees.  It's been said before, Jones is NOT for everyone...but to say that Jones tries to harm it's clients merits a distribution of reasons why that is just pure baloney.


With humility,


-jewalter

May 4, 2006 1:29 pm

Is it baloney or bologna?

May 4, 2006 2:20 pm

Read between the lines, bud, I'm not saying that every person at the firm encourages this, but when there are no trails, many have to resort to churning.  It's a flaw by design that you will have this.  Are there great Jones reps out there? - Absolutely.  I know many and some of which are on this forum.  There are bad ones too, just like at every firm.  I would have to think, though, that at a firm where you don't have to constantly see new money or make more trades, and so on, that you will see less churning.


Again, nothing against Jones.  I could care less.  It happens everywhere.  And you are mistaken that I do have experience with Jones.  I have been door-knocked more times by Jonsers' than the traveling religion salespeople.  I have spoken with a couple about my investments (long time ago) and I personally, as a client, don't like the model.  Some do.  Good for them.


And isn't humility also about taking your licks without firing back a retort? 

May 4, 2006 2:24 pm

Mr. Hill- I mean- Jewalter- What we have here is a failure to communicate or understand. Being named the best place to WORK does not really equate into best place to INVEST. See, people who WORK for a firm vote on whether they like the environment or not. This is a perspective from folks WORKING for the firm. Do they like their boss, do they like their benefits package, do they like the location,etc. Being HAPPY as an EMPLOYEE does not mean the CUSTOMERS are better off at that firm.


But somehow, that is how it is regurgitated back out. "I work for the best firm to work for, therefore I am the best advisor for you.." see how stupid that sounds?


Next, doing what is 'right' for the client. Were you an ethical person BEFORE you joined Jones? Did you give the clerk back the change when they paid you too much? Did you give your seat up on the bus? If you are an ethical person by nature, working at Jones doesn't make you better. NOR does leaving Jones make you suddenly fall into a life of crime. Are you saying as a firm you always do what is right for the client because Jones MAKES you do it, or would you do it anyway?


Jones is a good place to work. No doubt about that. But what would the survey look like if they included Indy's? I can tell you I like my current Job better now and I love my Managing Partner

May 4, 2006 2:44 pm

munytalks - that's my point - the way the jones IR preaches it; it's jones that makes them the most ethical people in the business not them; that in itself is an issue.


BR - dead on - the funny thing is most of the IRs don't want to realize they are turning over assets, they feel as though they are laddering their clients....hold on I just threw up in my mouth...;


I love starting from zero from every month after building "my" book for 18 years but wait...I have this huge list of money dues coming from my 2500 clients to call; all is not bad, boy isn't Jones swell?

May 4, 2006 2:49 pm

BrokerRecruit,


I would actually say the opposite is true regarding your "churning" statement, and it actually exposes your ignorance of Edward Jones.  There are trails at EJ, and every other B/D.  The vast majority of Investments at Jones are in the form of Mutual Funds, and those funds pay trails.


I would argue that in a Managed Account "churning" is alive and well.  if I were a client of a managed account and I saw NO activity, I would ask "What am I paying YOU for?".  Therefore, trades are placed in SOME managed accounts to justify fees...Not ALL, mind you, but some.


I'd just stick to the recruiting if I were you.



munytalks,


There's nothing in your post that I do not agree with.


May 4, 2006 2:57 pm

Mr. Hill- Walter, thanks but answer the question.


Do you understand the difference between a survey taken that asks EMPLOYEES about WORK conditions and a study on what is best for a CLIENT?


May 4, 2006 2:59 pm

munytalks,


Yeah, you mean the survey taken by JD Power, or Forrester Research last year... Sure do.


Ranks Highest in Investor Satisfaction with Full Service Brokerage Firms- J.D. Power


One of the best advocates for its customers - FORRESTER RESEARCH

May 4, 2006 3:03 pm

Jwalter - your ignorance of the industry is really showing with those last comments; it's amazing you try to call out BR on industry knowledge given that last statement. 


Given where you sit and the tools (or lack of) at your disposal, there's no surprise that you lack an understanding of fee based platforms. 


Tell me what did your client pay 5.75% if there isn't any activity with their account?

May 4, 2006 3:03 pm

And another thing- best you not post opinion on Managed Accounts when, as a Jones IR you have no idea what it's about. Kinda makes you look silly.


Let me help out- I mentored a ton of newbies so I think I can break it down for you. The definition of 'churning' is buying and selling investments in a client account for the pure reason of generating a COMMISSION. Like what YOU get paid when you sell grandma a bond or a Revenue Sharing Mutual Fund-A share of course.


MANAGED accounts charge the client a FEE for MANAGING the account. AND YES, activity results as a by-product of management but cannot be considered CHURNING because the broker does not earn BOTH Commission and FEES- see?


If you watch the top ten holdings of a Mutual Fund month to month, you will notice some changes occurring. This is because the Fund Managers are trading to bring about a return that is favorable. Not unlike an Advisor who Trades a managed account to bring about a favorable return.


Now, feel free to share this Saturday at your new IR meeting.