Broker Report Card

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Dec 7, 2009 11:29 pm

Dec 7, 2009 11:52 pm

Here come the Jones people comparing it to being Indy, when Indy reps aren't surveyed in this report.

Dec 7, 2009 11:56 pm

OhVey here we go again


Good to UWEC back
Dec 8, 2009 1:14 am

This report is flawed.. Jones is one of the places that has no branch management so how do they rank so high?

 
Also "freedom from pressure to sell certain products" for EDJ the firm with preferred funds you have to be kidding me.. Registered Rep's research department is even poorer than it forum control.
Dec 8, 2009 1:34 am

i am surprised UBS did not lead in anything. lol. oh well. going to send this to my buddies still left there.

Dec 8, 2009 9:15 am

Take it with a grain of salt and consider who they survey.  They survey registered readers.  Do you think every RL in the country has a Registered Rep subscription (shake your head YESSSSSS)?


If you look at the article, it tells the number of surveys completed.  These are approximations, but.....
Edward Jones 385
MSSB 120
Merrill 100
UBS 67
Wachovia 193
 
Now, there are something like 65,000 reps among these 5 firms, and they surveyed a total of like 875 (is 1.4% a proxy for the entire population?).
 
I am guessing that the real top producers (other than at Jones) could care less about the survey, and don't bother responding.  I am guessing that most of the satisfied reps don't bother responding.  More than likely, it's the disgruntled employees (again, other than at Jones) that are responding at most of these other firms.  So it's not that the results are inaccurate per se, they are just skewed in a very biased way.
I still believe that there is a higher % at Jones that are happy compared with some of the other firms right now, but if you actually surveyed EVERY FA, the results would be MUCH closer than this.
 
Dec 8, 2009 9:16 am

interesting.

i think its pretty spot on

(ex jones which i have no idea)

wachovia securities has tanked the most as a firm in this subprime meltdown

Dec 8, 2009 10:00 am
Squash1:

This report is flawed.. Jones is one of the places that has no branch management so how do they rank so high?

 
Also "freedom from pressure to sell certain products" for EDJ the firm with preferred funds you have to be kidding me.. Registered Rep's research department is even poorer than it forum control.
 
That's because most Jones reps don't know the difference between a preferred and non-preferred fund, much less know they can sell something that isn't on the list.
Dec 8, 2009 10:25 am
Squash1:

This report is flawed.. Jones is one of the places that has no branch management so how do they rank so high?

 
Also "freedom from pressure to sell certain products" for EDJ the firm with preferred funds you have to be kidding me.. Registered Rep's research department is even poorer than it forum control.
 
There is not pressure to sell the preferred funds. Sure, they don't provide the same amount of research or resources on the non-preferreds, but I think every Jonesy on here will agree that we do not receive any flack for going non-preferred.
Dec 8, 2009 10:30 am

MB, you are 100% correct.  There is no pressure to sell Preferred at all.  In fact, I am probably more than 50% non-preferred at this point, and I have never had one question or comment on it.

However, it is aggrevating that there is absolutely no coverage of non-preferred funds (other than thru the advisory program, which I use).  But my list of non-preferred fund families is about 4 or 5, so it's not a lot of funds to keep track of (I use just a few funds from those other families).
Dec 8, 2009 10:46 am
B24:

MB, you are 100% correct.  There is no pressure to sell Preferred at all.  In fact, I am probably more than 50% non-preferred at this point, and I have never had one question or comment on it.

However, it is aggrevating that there is absolutely no coverage of non-preferred funds (other than thru the advisory program, which I use).  But my list of non-preferred fund families is about 4 or 5, so it's not a lot of funds to keep track of (I use just a few funds from those other families).
 
I agree, but then again, when you think about it, that would require a hell of a lot of research if they were going to cover non-preferreds, with the sheer number of approved funds out there. The lack of any information does bug me, though. Even just easy access to breakpoint schedules and fact sheets would be nice.
Dec 8, 2009 10:47 am
MsBroker:

There is not pressure to sell the preferred funds. Sure, they don't provide the same amount of research or resources on the non-preferreds, but I think every Jonesy on here will agree that we do not receive any flack for going non-preferred.

What would you define as pressure? Or is pressure undertones ok?

 
It may seem like pressure to those without your level of mutual fund knowledge B24.
Dec 8, 2009 10:47 am

It's not the pressure not to sell non preferred funds. It's the fact that they aren't covered, the fact that the wholesalers can't call on you out of the blue. How will you learn about them?? From your American Funds wholesaler?

Dec 8, 2009 10:49 am
B24:

MB, you are 100% correct.  There is no pressure to sell Preferred at all.  In fact, I am probably more than 50% non-preferred at this point, and I have never had one question or comment on it.

However, it is aggrevating that there is absolutely no coverage of non-preferred funds (other than thru the advisory program, which I use).  But my list of non-preferred fund families is about 4 or 5, so it's not a lot of funds to keep track of (I use just a few funds from those other families).
 
There doesn't need to be a tacit pressure to sell, just no assistance to buy other funds (i.e. no research, no mention of the funds availibility, etc). I remember a conversation early on with a vet who told me that if I sold a non-preferred fund and there was an issue with it that Jones would not support me with any sort of issues that arose.
 
Just the thought that up until recently there was some subverted approval of Putnam funds (and now Oppenheimer) over other families is a little questionable.
Dec 8, 2009 11:21 am
noggin:

It's not the pressure not to sell non preferred funds. It's the fact that they aren't covered, the fact that the wholesalers can't call on you out of the blue. How will you learn about them?? From your American Funds wholesaler?

 
Noggin nailed it.  It's not really pressure.  They just make it so much easier to sell Preferred families (especially for newbies).  Unless you came from another firm, there is a 99% chance you are going to just start selling preferred funds.  And I'm not saying that's bad.  If a newbie actually followed the actual model portfolios, they would be fine, and this is the safest way to start your career.  But at some point, it would be nice to pull up quick info on funds in our system (as you can with the Preferred funds), and not have to go to the fund family websites.
 
Yes, as someone said, that would require tremendous additional resources.  And since Jones focuses on A shares, they need to use fund families that essentially provide most of the asset classes (and there are few good ones out there, even among our Preferred families).  So this excludes many GREAT fund families like First Eagle, IVY, etc. that are great at a few things, but can't really provide a full portfolio.  But what about PIMCO/Allianz, Blackrock, and others that DO provide full lineups?  In reality, it is this A-share biased that leads to coverage of only a handful of fund families (oh, and that revenue sharing thing).
Dec 8, 2009 11:22 am
mlgone:

it may not be "pressure".  But when they roll out a preferred or structured product with two sales days left in the month or they extend the sales days in the month only for those two products, they know what they are doing.

 
I've never heard of that at Jones.  Is that a wirehouse thing?
Dec 8, 2009 11:23 am

PIMCO has A-shares.

Dec 8, 2009 11:29 am

Just remember what you learned in training, you'll never hurt anyone selling American Funds, Putnam Funds, or Hartford Funds.................................oh wait

Dec 8, 2009 11:30 am
SometimesNowhere:

PIMCO has A-shares.

 
Yeah but they don't share revenue... at Jones you have to do both..
Dec 8, 2009 11:32 am

CIT bonds anyone