The doublespeak never ends

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Sep 6, 2006 8:33 pm

[quote=NASD Newbie][quote=footsoldier]

NASD-

Checkout the SEC website and its under Jones Financial
Companies. It takes a little digging but you can find it. I have said it before, its the grocery store model in the financial services industry. They have back door deals galore and I am of the belief that all the shell companies are in place for the payments to flow outside of EDJ.

So when Weddle does the doublespeak dance about only one profit center, he is neglecting the other side of the business where the partners profit. If memory serves, it was more net revenue than EDJ brought in last year.

[/quote]

So what are you complaining about?  If the partners are making money doing other things how does it affect you?

[/quote]

C'mon now, lightweight.  Make us believe that you're not THAT stupid.

Sep 7, 2006 9:59 am

What's wrong, Newbie?  Can't rise to the challenge?

(Honestly, I never thought you could.)

Sep 7, 2006 12:02 pm

Foot, So let me get this straight.  You're pissed because someone who works for a company (Jones),  rises to a management position (GP), and makes a large personal ownership position in that company (Partnership) is making money?  If you owned 1% of the Jones Financial Companies, LLP wouldn't you make a lot of money too? 

I read the 10K last night.   The $88 mil of other revenue you started this train of thought with is an anomoly.  If you read far enough and looked close enough at the historic data you can see that there is normally less than $25 million in other revenue not accounted for by normal business activities.  This year however Jones Financial Companies sold about $75 Mil in Hartford stock.  Fully disclosed to you as an IR and (maybe) as an LP.  Take that out of the equation as an anomoly and you're down to $13 mil in other revenue. 

Now, are the GP's making money from other business ventures?  Probably.  One of them is making a bunch because his wife's company frames and sells all the pictures we have in our offices.  I know Dan and Sheila.  Nice people.  Both good business owners.  Good for them. 

I think if you look closely at that 10K you'll find that for the most part, when Weddle says we as IRs are the only profit centers it is 95% true.  If you're pissed about the other 5% then you have issues.

Sep 7, 2006 1:47 pm

Space-

First we were never were we told of the relationship/conflict with Hartford.

Secondly, the only issue I have is telling the truth. We all know that Jones gives us a haircut on annuities and keeps it for themselves and now we know how, they sell it to EDJ or they are the general agent keeping the override. I could care less if the GP's are making money elsewhere, just don't insult my intelligence with misinformation.

You can't deny that its happening, can you?

Sep 7, 2006 5:22 pm

Foot -

You are correct, we were never told of the relationship with Hartford.  I'l give you that.  In hindsight they should have put it out there.  But I believe that's why they dumped it. 

I still don't think it's a conspiracy to make the GPs a ton on money and hide it from the rest of us. 

I've also accepted the fact that as long as I continue to work for Jones, they are going to give me a haircut on some of the biz I do.  I also know there are some benefits to working for Jones I really like.  I remember you said you were waiting to leave Jones.  Good luck.  Do what makes you happy.   

Sep 7, 2006 6:50 pm

SS-

The Hartford situation is the most blatant conflict that we know about. You are probably right that Weddle dumped the relationship due to adverse publicity. (Excuse me potenial adverse publicity).

But don't think for a moment that the haircuts are that obvious. Remember you are an employee. There is nothing independent about Jones except that your name is on the door for now. Believe me, as soon as you or I leave the first thing they will do is take a straight edge and remove it. And bring in the next person to represent them not YOU. In their eyes,you and I are the most expendable component in the system.

Sep 7, 2006 7:33 pm

[quote=footsoldier]

SS-

The Hartford situation is the most blatant conflict that we know about. You are probably right that Weddle dumped the relationship due to adverse publicity. (Excuse me potenial adverse publicity).

But don't think for a moment that the haircuts are that obvious. Remember you are an employee. There is nothing independent about Jones except that your name is on the door for now. Believe me, as soon as you or I leave the first thing they will do is take a straight edge and remove it. And bring in the next person to represent them not YOU. In their eyes,you and I are the most expendable component in the system.

[/quote]

Yea, this is how a business works, if you want to be self-employed to begin with I would suggest you don't go to work for an existing business.
Sep 7, 2006 11:14 pm


Yea, this is how a business works, if you want to be self-employed to begin with I would suggest you don't go to work for an existing business.
[/quote]

Some of the best advice I have heard... I am constantly amazed that people would go to work for EDJ and then complain that they weren't independent.... You can't have it both ways.