Client satisfaction survey

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Aug 11, 2006 4:53 pm

Very interesting...Especially the competitiveness of portfolio question!


http://registeredrep.com/mag/financecant_no_satisfaction/

Aug 11, 2006 5:18 pm

Yes it is interesting.

Perhaps it is harder(at a wirehouse) to provide top quality cordial customized service when:

1.)  Under tremendous pressure to meet very ambitious production goals.

2.)  Expected to grow your revenue at an unrealistic rate, especially in difficult market circumstances.

3.)  Deal with a platform and payout structure that only rewards the advisor for servicing the largest clients.

4.)  Work with conflicted lower quality wirehouse research.

5.)  Have limited, overworked support staff.

6.)  Give up a large portion of your gross to pay for a VERY expensive Branch Manager, Sales Managers, and god knows how many product VP's, not to mention an army of compliance attorneys who are out busy settling arbitration cases for your firms' past transgressions.

7.)  In most wires, you still live with a product-focused culture, not a client-driven culture.  Yes of course we don't have sales contests or differential compensation for proprietary product any more, but there's still plenty of folks within the firm who want to "help you learn" about them.

8.)  Oh and let's not forget the folks in the Compliance department who spend their days crafting new procedures and putting roadblocks up in front of you.

Gee....I wonder why the survey numbers came out that way.

Aug 11, 2006 5:23 pm

In all seriousness, I thought it was funny that EDJ was ranked #1 and competitiveness of portfolio was the most weighted issue.

Aug 11, 2006 5:36 pm

It's because of all that DIVERSIFICATION right?  The Ed Jones statements I have seen all looked like product jumbalaya's to me.  I love how the investment approach of Ed Jones clients is directed by the infamous Diversification Trips.  What a joke.

Aug 11, 2006 5:37 pm

We're #4!!! We're #4!!!  Look out Edward Jones...we're coming!!!


...and Ramond James is within 8 points of Jones...wonder what we'll see on here if they ever leap over Jones in the rankings?


OH NO!!! an article link!!! Hurry and delete it!!! 

Aug 11, 2006 11:36 pm
Indyone:

We're #4!!! We're #4!!!  Look out Edward Jones...we're coming!!!


...and Ramond James is within 8 points of Jones...wonder what we'll see on here if they ever leap over Jones in the rankings?


OH NO!!! an article link!!! Hurry and delete it!!! 



They won't delete it because it is a link to a registered rep article.  However, if the article was in "On Wall Street" or "Investment News" they would delete the post.

Aug 12, 2006 10:48 am
joedabrkr:

Yes it is interesting.

Perhaps it is harder(at a wirehouse) to provide top quality cordial customized service when:

1.)  Under tremendous pressure to meet very ambitious production goals.

2.)  Expected to grow your revenue at an unrealistic rate, especially in difficult market circumstances.

3.)  Deal with a platform and payout structure that only rewards the advisor for servicing the largest clients.

4.)  Work with conflicted lower quality wirehouse research.

5.)  Have limited, overworked support staff.

6.)  Give up a large portion of your gross to pay for a VERY expensive Branch Manager, Sales Managers, and god knows how many product VP's, not to mention an army of compliance attorneys who are out busy settling arbitration cases for your firms' past transgressions.

7.)  In most wires, you still live with a product-focused culture, not a client-driven culture.  Yes of course we don't have sales contests or differential compensation for proprietary product any more, but there's still plenty of folks within the firm who want to "help you learn" about them.

8.)  Oh and let's not forget the folks in the Compliance department who spend their days crafting new procedures and putting roadblocks up in front of you.

Gee....I wonder why the survey numbers came out that way.



Well Said!

Aug 13, 2006 5:11 pm
joedabrkr:

They won't delete it because it is a link to a registered rep article.  However, if the article was in "On Wall Street" or "Investment News" they would delete the post.


I know...that was my version of sarcasm...I still think it's lousy that they feel so threatened as to delete competitor articles, but, hey...I guess it's their forum...