ED Jones & Series 66...NOW WHAT?

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Mar 9, 2007 3:36 am

 I was recently required by Ed Jones to study for and pass the Series 66.  All brokers at Jones already have our Series 7 and 63.  However, Jones is not explaining WHY we were required to get our 66. 


 Nor are they explaining why many spent 40-80 hours of unpaid time studying.  I found this study time cutting into door-knocking prospect time.  Not to mention State CE, Federal CE, Firm CE, and Insurance CE.  My pay suffered as a result of this study time.  I think I am entitled to an explaination of some sort.  Jones feels otherwise.


 Can someone out there explain WHAT you can do with a 66? 


 My feet hurt.


 ED



Mar 9, 2007 7:24 am

From what I gather, it will allow a Jones broker to call him/herself an

adivsor.

Mar 9, 2007 9:03 am

EdJehovah is obviously a Troll,


Anyone at Jones has been clearly told that the primary purpose of this requirement is in anticipation of the fee based platform to be introduced sometime this year.

Mar 9, 2007 9:29 am

Not the dreaded fee based!  What will their clients think when they've railed against it for years?  I had many transfers based on me bashing the fee based platform.  I drank so much koolaid, I've been diagnosed with type 2.  I think I will sue the GP's.  But when your losing brokers at an incredible rate and your trying to play catch-up, you'll do anything to stop the bleeding. Door knocking and fee based...awesome business plan!!

Mar 9, 2007 4:39 pm

the reason fee based will eventually be offered is clearly b/c of a more open minded managing partner.  bachman and hill were like my granfather and your grandfather - set in their ways. The fact that my grandfather swears that a CD is still the best investment for him, it doesnt make him wrong.  He may not trust the market.  My point is that sometimes a change in thinking just takes new people. Stop bashing Jones on a subject that you clearly have no idea on.  We all are salepeople, like it or not and we can ALL sell for or against any investment.  its what we do.

Mar 9, 2007 6:40 pm

EdJehovah-I
think it is pretty obvious why they want everyone to get their 66-so
they can evolve and remain competitive with the current
marketplace.  I have read 5-10 posts by you, and every single one
of them is whining and complaining about something.  Do us all a
favor and leave Jones if you hate it so much.  

Mar 10, 2007 12:58 pm
gad12:

EdJehovah is obviously a Troll,


Anyone at Jones has been clearly told that the primary purpose of this requirement is in anticipation of the fee based platform to be introduced sometime this year.



Actually, I have found that Jones is being very dishonest about the whole process. I don't think that most Jones reps have taken the time to even ask why they need to get the 66 now...they just know Jones told them they had to.


Furthermore, this change to calling us FA's instead of IR's is perfectly coinciding with their requirement of getting the 66. However, on Joneslink under the section regarding the switch to the title FA and why, they claim it's simply due to research on which title is more respected. Give me a break. Obviously you're switching to the title FA because you really weren't legally allowed to use the term FA without a 66 and the reason we're getting 66 licenses is so we can legally implement the new fee based platform. There's a lot of kool-aid around here.

Mar 10, 2007 1:05 pm

I know there's supposed to be a fee-based platform coming. But before I left Jones last August it was mentioned that you'd need your 66 to use the advanced modules of the new Financail Planning software. As a S7 holder you can't provide "Financial Planning" to clients, but as a S66 you can.


I could be totally wrong...

Mar 10, 2007 10:06 pm
EdJehovah:

I was recently required by Ed Jones to study for

and pass the Series 66. All brokers at Jones already have our Series 7 and

63. However, Jones is not explaining WHY we were required to get our

66.



Nor are they explaining why many spent 40-80 hours of unpaid time

studying. I found this study time cutting into door-knocking prospect

time. Not to mention State CE, Federal CE, Firm CE, and Insurance CE.

My pay suffered as a result of this study time. I think I am entitled to an

explaination of some sort. Jones feels otherwise.



Can someone out there explain WHAT you can do with a 66?



My feet hurt.



ED









Noob, Weddle STATED in one of his messages that they were rolling out

advisory services at some future date. They rolled out the Financial

Assesment modules (of which you need 66 for level 3) in anticipation of

offering these services.



How old are you? Is this your first job out of college? You REALLY need

to leave Jones and go somewhere else. Anywhere. You are such a

whiner. Grow up and go get a 7-3 union job.

Mar 11, 2007 11:38 pm
theironhorse:

EdJehovah-I think it is pretty obvious why they want everyone to get their 66-so they can evolve and remain competitive with the current marketplace.  I have read 5-10 posts by you, and every single one of them is whining and complaining about something.  Do us all a favor and leave Jones if you hate it so much.  


Easy IRONSUCK, we, you included, still have no clue as to what this new "platform" will look like.  Furthermore, I want to know if this new license will allow me to do more than Jones will let me....if I do decide to leave.  As for me whining, I not coming to this forum to suck off Jones.  I want answers.  Go back to your inherited business.


My feet hurt


ED

Mar 12, 2007 2:41 pm

Nice EdJehovah-I think that post pretty much sums you up in a
nutshell.  Can't believe you are struggling in this
business.  And check out your entire body of posts on this forum,
not a single one is constructive or helpful to anyone.  Each is
you complaining about Jones.  As I said before, go work somewhere
else.  And I have no inherited book, no family member giving me
anything, and I am not a goodknight.  I simply chose to make
myself successful, not whine about everything other FA's in my region
might have received, because at the end of the day if the same
opportunities were offered to me, I'd likely accept just like they
did.  Good luck, and stay positive, I know you will!

Mar 12, 2007 4:42 pm

Back in 2002 I tried to get jones to let me take the 66 instead of the 63.   I was red flagged from the get go.  "Why do you need it when we have the best sales model in the industry." .... You know the rest.   I did leave Jones as seg 4 to go indy.  I am excited to hear how jonesees explain why we offer "The BEST FEE BASE ACCOUNTS IN THE WORLD".   Those of us who left know, those too scared to leave know.  I am worth 1% to my clients. So when you do start offering fee base do you think you want the whole  1 - 1.5 % or do you want 35 basis points.  The client pays the same.

Mar 12, 2007 6:43 pm

Bam-I agree with you on most of that.  I think Jones was/is in a
no-win situation with this rollout and change to their model. 
People outside Jones have screamed all along that we were not providing
what clients wanted, and now when they do offer it, people say we are
backtracking on our stance.  I see both sides of the
argument.  I am just happy that they are showing the ability to
"see the light" so to speak and hopefully provide us with a platform
which makes us competitive.  I know the "old school" reps are dead
against it, but for us newer guys this is a needed change.

Mar 12, 2007 7:21 pm

People Please!!!!


Jones keeps on saying we are rolling it out, it will be here by the end of the year...etc....


They are pros at dangling the carrot.  I can tell you with much experience, if it doesn't benefit the GP--uh the client--then it will take much longer to roll out then their estimated end of the year!

Mar 13, 2007 12:46 pm
Bamzor:

Back in 2002 I tried to get jones to let me take the 66 instead of the 63.   I was red flagged from the get go.  "Why do you need it when we have the best sales model in the industry." .... You know the rest.   I did leave Jones as seg 4 to go indy.  I am excited to hear how jonesees explain why we offer "The BEST FEE BASE ACCOUNTS IN THE WORLD".   Those of us who left know, those too scared to leave know.  I am worth 1% to my clients. So when you do start offering fee base do you think you want the whole  1 - 1.5 % or do you want 35 basis points.  The client pays the same.



I overheard a Jones kool-aid drinker say that this new fee-based platform is going to "blow the doors off the industry!"


Can't wait to see it. Maybe I'll think about going back to the greatest salesforce in the world!


Mar 13, 2007 12:56 pm

Ironhorse,


you are way too green and new in the business too lecture anyone on how great your firm is... delete this forum from your favorites...get some focus..you have many years to go.

Mar 13, 2007 3:21 pm

nice try fastcar-I have not once said Jones was better than another
firm on this forum.  I simply told someone who seems to hate it to
leave and go elsewhere.  And I have plenty of experience. 
And you have no idea how long I have been in the business or what my
experience is.

Mar 13, 2007 3:53 pm

Iron,


you are not too bright..You are 15 month in the business. You are a segment 1.  The GPs are watching you, do not use your work computer to post to this forum

Mar 13, 2007 5:27 pm

Horse, I had hoped to shed light on the gestapo tactics...and you post at work!!  How the heck can I protect you if you do stupid things?  It reminds me of the movie matrix...when the ship get's detected and the damn squid looking things come after it...you have been detected and the damn squid looking things are coming to get your ass!!!

Mar 13, 2007 7:12 pm

why on earth do you think i'd post here from a work
computer?!?!?!  i do have more than 1 computer.  i know most
of you think us jones guys aren't capable of multi tasking like that,
but i can, hehe.