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Concerns About Edward Jones

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Aug 5, 2011 1:11 am

Seriously, he should change his name to Incredible D-Bag.  Just let the brainwashed tool continue sipping green koolaid and sucking green… popsicles.

Aug 5, 2011 4:52 pm

Just FYI, I've got some great solutions for Ed Jones guys. We've seen some pretty tremendous success here, recruiting from Ed Jones, over the past 6-12 months.

Nothing against Ed Jones, I think they are a quality firm. But I also think that once you've gotten your career established and built a book, you could be better off going independent.

Aug 8, 2011 8:40 pm

A few points...

1.  I think we'd actually like each other outside of this website, heck I don't even recognize your userid, so I may like you on this webiste for all I know. 

2. Yes, I am sarcastic, I like to think it's part of my sense of humor....

3. I always find it fascinating that people assume that someone who is happy at their station in life is "brainwashed". 

4. To the "sincere question" of would a Regional Leader make this up.  I don't know, probably not.  But I think it's very likely that someone made this statement up from a made up regional leader.  Sorry if I offended you with my sarcasm.  Dangit, their I go again being sarcastic rather than sincere.....

Nov 30, 2011 2:36 am

I left the Jonestown and haven't looked back. It was the BEST thing I ever did. I want to personally thank Edward Jones and the regional leader for putting the biggest d-bag in my old office, it has made life every easy for me.  I am so glad I left when I did as they are making it harder each year to leave.

Dec 2, 2011 12:15 am

I just saw that Jones has lost 900 FA's in the past year. Buddy of mine at Jones that I talked to today said their growth plan is all F'd up, and that they are now relying on growth from existing FA's, where just a couple years ago, their big growth goal was to add more FA's. He said they are pretty much becoming like a wire (and he used to work at one).

Dec 2, 2011 2:22 am

[quote=inlandTX]

@ Hulk - I never said "all" investing would be modeled, and neither did Curious. He specifically mentioned A-shares and stocks. The equity models are already up and running. And you can go get a "model" with fixed income right now - they're just calling them pre-determined bond ladders, but in my opinion, the all-model program is already ramping up.

With the fiduciary standards changing on the broker/dealer side, and with the general distrust Jones has for any decision the FA makes, I can definitely see them replacing brokers calling on a hot stock with a model system. Why not? Advisory Solutions is already the 2011 Playmate of the Year.

The upside of models is Jones could slash tons of back office positions. Probably reduce Field Supervision by half. Along with the entire research department being sent to pasture. The GP's will be sipping some expensive stuff at the open bar at the next round of Div Trips.

Of course Jones will always be bond sellers, and I'm sure will remain very healthy sellers of annuities. I think Curious explained well that the individual securities (ie those that can't have the fiduciary standard pushed off to another firm like annuities are), will be modeled.

And who gives a damn about their Key plaques? They'll just give them away under a different award system. Like, "Congratulations! Your T12 qualifies for you New Level 3! You're KEY to our success! Go get 'em, killer!"

I'm curious what you think about the multi-broker "training centers"?

[/quote]

I can speak from experience that the training centers are not set up for being true multi broker offices.  It is a training facility and meeting facility.  i can see how they mightve used them as an incubator as opposed to working out of your car. 

Jones does some wacky things but what firm in this F ed up biz does not.  Even the greatest indy set up has there downside and version of kool aid.  If you think its bad try working in the real corporate world these days.  Man it really blows right now.  Glad I left the Fortune 50 grinder.

Dec 2, 2011 2:29 pm

[quote=B24]

I just saw that Jones has lost 900 FA's in the past year. [/quote]

Wow. Approaching 10% attrition in a single year.

B24, was that an internal document or something published elsewhere? Also, is that a NET loss number? If so, the number of departures is probably more like 1200 to 1400, considering they haven't stopped hiring.

Next week's Reg Rep Report Card should be interesting reading.

Dec 2, 2011 2:29 pm

[quote=roadlesstraveled]

 The amazing part was as an independent fee only advisor, CPA's and attorneys respect my business more now(don't forget they get to see those 1099's and broker moves) .  I'm receiving referrals more frequently and consistently than I did working at Jones.

[/quote]

Just re-reading this now that I've been indy for 4 months, and you are correct. Suddenly CPAs, attorneys, and even local board members who always kept me at arms length are offering up referrals and helping me get in front of audiences. It's totally different than when you were an employee salesper...AHEM... "advisor".

Dec 2, 2011 3:20 pm

I know of three guys that just left this month. All three exceeding expectations.  Jones will continue to have increased profit however as people migrate their books from A shares to advisory.  This alone takes some of the pressure off them to grow, for a little time that is.

Dec 2, 2011 7:49 pm

Does anyone ever feel like Edward Jones has become more of a business franchise than a broker dealer for Financial Advisors?

Dec 3, 2011 1:07 pm

What do you mean "become more of a franchise"?  it's never been anything but that.  i left 18 months ago and have found my way to independence.  i can tell you that what Jones sells you as independence is anything but.  Also what they preach to you about how things are when you're independent is largely untrue. most of what i was told about how things would be are completely false.  My b/d does have a compliance department, the payout really is much better (almost double net of expenses) and i really do have clients who want to come with me.  I discovered Jones's best kept secret.  Your clients like you.  They could give a hoot who your firm is.  That's why they discourage you from going indy.  They know it will work.

Dec 4, 2011 3:38 am

It’s hilarious that edj has lost 900 fa’s since last year, yet the regional clowns and back office still push growth more aggressively than the amish girl who comes to my office selling candy.  Yeah, I really want to recruit someone to a firm that just lost 900 people.  Was this part of the 5 year plan?

Dec 4, 2011 6:00 am

[quote=RealWorld]

Does anyone ever feel like Edward Jones has become more of a business franchise than a broker dealer for Financial Advisors?

[/quote]

"Franchise" is pretty close in terms of product, marketing, and building the communal brand. It wasn't even as "corporate" when I signed with them 4 years ago, but that's the direction they seem to be taking it.

It's definitely NOT a broker / dealer in the indy sense of the word. As an indy, I am the broker / dealer's customer, and keeping ME happy is their objective. At Edward Jones or any other wirehouse, I am a conduit only - the friendly face that they have to use to gain access to investor money.

Dec 7, 2011 3:21 am

Everything at edj is "communal". Share your assets with a rookie via a goodknight plan. Attend quarterly regional kumbaya meetings. Drink the kool aid. Attend the holiday party. The promise of running my own independent business that I signed up for? a complete fabrication.

Starting next year, they are having BOA's attend the regional meetings with the FA's. We are all equals.

Dec 8, 2011 3:02 am

That is interesting about the BOA's attending the regional meetings. What a joke.

Dec 8, 2011 3:19 am

[quote=LoveInvesting]

Everything at edj is "communal". Share your assets with a rookie via a goodknight plan. Attend quarterly regional kumbaya meetings. Drink the kool aid. Attend the holiday party. The promise of running my own independent business that I signed up for? a complete fabrication.

Starting next year, they are having BOA's attend the regional meetings with the FA's. We are all equals.

[/quote]

If other regions were like mine, I see a definite spike in sexual harrassment claims next year with FAs and BOAs partying together at the hotel bar during Regional Meetings.

Dec 8, 2011 3:48 pm

Jones , in the present enviornment, is not a workable business model.  With nearly forty years of industry experience, the past fifteen running my own firm, I would highly recommend joinning an independent firm. 

Dec 9, 2011 8:56 pm

I don't see how the BOAs will be attending the regional meetings? Who will be running the office?I left and never looked back.

Dec 20, 2011 7:36 pm

[quote=inlandTX]

[quote=B24]

I just saw that Jones has lost 900 FA's in the past year. [/quote]

Wow. Approaching 10% attrition in a single year.

B24, was that an internal document or something published elsewhere? Also, is that a NET loss number? If so, the number of departures is probably more like 1200 to 1400, considering they haven't stopped hiring.

Next week's Reg Rep Report Card should be interesting reading.

[/quote]

Yes, that is NET losee of 900 FA's. So yes, they probably lost a total of about 1,500 - 2,000, since they tend to hire 10%+.

That's a lot of turnover in a highly client-facing business. I'm guessing 85% of the turnover is in the 0-5 year range.

I bet Jones gets lax in their FA growth activity as they get more and more used to all the veterans converting assets to Advisory business. But once most of that business gets converted, then growth will slow again. I saw that this year was the first year where fee revenue actually outpaced commission revenue firm-wide.

Dec 21, 2011 3:01 am

So what is the solution?  Does Jones come to reality of the market we are knocking in?  Do they ease up standards even more?  They claim to be in a high bonus bracket but the 0-3 years outs are seriously struggling.  So the divide between the profitable and struggling gets wider and wider.