EDJ Overtime Settlement
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YES, absolutely. LPL is an entity I use for back office support, no more no less. BSpears Investment office is where the GP, LP and IR work. I could care less what LPL thinks about me and as long as I run an ethical office (audits), do a minimal amount of business, they don’t care.
ice - I think you are on the right track, but just asking about the wrong type of companies. The indy guys have no real allegiance to their B/D. It is simply a means to an end. If LPL ticks them off, they can simply call Commonwealth.
The more I think about this thing, the more inclined I am to take the check. Mostly because I don't think that Jones is dumb enough to retaliate with those of us who might take the check. Can you imagine what kind of trouble the powers that be would be in if it were discovered that the amount of a future LP offering were lowered because someone chose to participate in this suit? I don't think it's worth the liability to them. Weddle and the rest of the GPs aren't officially allowed to comment on the suit, therefore we have received no official word on what we are to do with this suit. If I hadn't been in a meeting where it was brought up in front of my RL, I wouldn't have heard anything about it other than what I've been involved with here. There is an FAQ on our system that says that there won't be any repercussions if we join the suit. It says that they don't plan on showing management the list, so in theory they won't know who joined and who didn't.Just the fact that there are GP/RL’s calling or asking around to see if people are taking it, even if it is just one, makes me physically ill. Everyone at this firm constantly bends over backwards in the name of LP. BFD! Just for an 18% return over time? Wouldnt a 12% mutual fund, that is liquid, be a better choice considering the BS you can avoid? What am I missing?
Um…6% return for the rest of your life. Guaranteed 7.5% return, but historically the 18% is just about the right average.
To make the point clear, my own RL IS NOT calling around and asking. And I haven't received one phone call from a GP asking anything. Actually I think that if an RL is calling and asking, he's putting himself in harm's way and going against how the firm has said they are going to respond to this.[quote=Spaceman Spiff] Um…6% return for the rest of your life. Guaranteed 7.5% return, but historically the 18% is just about the right average.
My point exactly.
The indy guys have no real allegiance to their B/D. It is simply a means to an end. If LPL ticks them off, they can simply call Commonwealth.
Spiff- In theory we are free agents (as are our clients). Practically speaking unless LPL does something absoutely aggregious, it would be an absolute pain in the rear to move again. At least I have that option. Rather speculative on your part Mr. Spiffy, since you haven't been independent to make the assumption that Jones reps are more allegiant to their b/d than indy reps. Thanks for illustrating the difference between owning your own business and working as an employee for Jones. You can think anything you want about indy. Indy/LPL by every measure has been a better option for me. Is it perfect, hell no. But its the closest I have found in my 15 years in the industry.I'd have to agree here...it would be very foolish on Edward Jones' part to risk another class action for employee intimidation. Any RL or GP using such tactics is playing with fire in my opinion.To make the point clear, my own RL IS NOT calling around and asking. And I haven’t received one phone call from a GP asking anything. Actually I think that if an RL is calling and asking, he’s putting himself in harm’s way and going against how the firm has said they are going to respond to this.
Not likely, ICE.
I don’t know why the big discussion on this payout thing. I think the GP’s at Jones are probably putting much less thought into who takes it and who doesn’t, than most of us might think. I hear all these Jones conspiracy theories on this board, and to be honest, so few of them ever seem really grounded in reality. I can’t think of one conversation I have ever had or heard in my region regarding any of the B.S. that gets discussed on these forums. Strange.
I would suggest that B24 and some other members are correct in their observations as to GPs spending much time on the issue of " who is taking the payouts ". The reality is that ( from Canadian Legal Perspective ) that if any type of punitive action was taken against current employees it would put not only the GP but the company in an awkward position that may well find themselves before the Courts.
All that being said , in fairness to any current employee it would be a natural response to at least ponder the " politics " of the company and any implications to their careers.[quote=footsoldier] The indy guys have no real allegiance to their B/D. It is simply a means to an end. If LPL ticks them off, they can simply call Commonwealth.
Spiff- In theory we are free agents (as are our clients). Practically speaking unless LPL does something absoutely aggregious, it would be an absolute pain in the rear to move again. At least I have that option. Rather speculative on your part Mr. Spiffy, since you haven't been independent to make the assumption that Jones reps are more allegiant to their b/d than indy reps. Thanks for illustrating the difference between owning your own business and working as an employee for Jones. You can think anything you want about indy. Indy/LPL by every measure has been a better option for me. Is it perfect, hell no. But its the closest I have found in my 15 years in the industry.[/quote] I don't think anything about being indy. It doesn't fit for me, but that doesn't make it bad for you. I don't think I was that far off base in my assumption that the majority of Jones FAs have a stronger bond with Jones that you do with LPL. It doesn't say LPL on your door or as the main emphasis on your business card. We are just naturally more connected with Jones than you are with LPL. More of an arterial connection rather than a veinous one."More of an arterial connection rather than a veinous one. "
Huh? That is quite the analogy.Spiff-
Walk a mile in my shoes, then maybe you can make an educated statement. Until then, you are just adding to your 1000+ posts to reach a new high in communications. Maybe you will finally get the GP you so yearn for. You can't know until you have been there. Only those that have traveled through both can a balanced perspective. I have said it before, you only know what you know from Jones. That my fine EDJ rep is the final word of the day. By the way, prior to any communications today....I netted 20K (gross 23K). Had my best month ever in the biz and surpassed last years revenues already (my first year at LPL I netted more than I ever did at Jones). Recurring revenues now are 37%, and wow is it nice not to have pitch the product of the day.I still remember my stocks at Eval/Grad....Con Agra and yes World Com..... If you have some money available I recommend you buy some today.......ahh the good ol days. How bout the hamburger, they still teaching that too?Kudos Foot…I was worried about you. I figured since you left Jones you would be in soup kitchen lines and hawking watches at the local fair. Oh well, you’re probably the only ex joneser who has done well. Honestly, how can you look at yourself in the mirror with those numbers. I bet your success is do to wearing green underwear…come on fess up…
I still remember my stocks at Eval/Grad…Con Agra and yes World Com…
Hey!! Did we do eval grad together? WCOM at an all time high dont remember the price and HD at 55. I refused to sell WCOM, and told them so at the training, because I was personally pissed off at the company and had just canceled my service. The company was a piece of crap from the consumer's standpoint. Turned out to be a good thing.Yep, we’re still a pushin’ those products. I get a wire every afternoon encouraging me to join the latest PM Promo to try and sell something from whichever department’s hosting the dog and pony show that evening.
Geez...I just checked Merck. It was our stock to “call on” when I was in Eval/Grad over SIX years ago. It was over 60 when I was calling on it then, it’s now at 32! And that, ladies and gentlemen, is why I don’t recommend individual stocks to clients.
[quote=footsoldier]
By the way, prior to any communications today....I netted 20K (gross 23K). Had my best month ever in the biz and surpassed last years revenues already (my first year at LPL I netted more than I ever did at Jones). Recurring revenues now are 37%, and wow is it nice not to have pitch the product of the day.I still remember my stocks at Eval/Grad....Con Agra and yes World Com..... If you have some money available I recommend you buy some today.......ahh the good ol days. How bout the hamburger, they still teaching that too?[/quote] ...and my personal favorite,"WCOM was a good deal at 44 and is a steal at 27. You call everyone you sold this to and average down, NOW!" -GoneIndy02[quote=Borker Boy]Yep, we’re still a pushin’ those products. I get a wire every afternoon encouraging me to join the latest PM Promo to try and sell something from whichever department’s hosting the dog and pony show that evening.
Geez... [/quote] BB, Those silly Promo's and contests are really aimed at newbies. It helps them keep their activity up and stay connected. I don't know any vets that pay any attention to that stuff. Like I have said many times....take the good and leave the rest. Just cuz their offering you a turkey or something, doesn't mean you have to pay attention to it. I think those things are goofy as he!!, but I just ignore it. It could be worse, you could be at a firm where the stock price is down 60% and they are about to cut their dividend. I am sure those people are a little annoyed at their firm too.[quote=footsoldier]
By the way, prior to any communications today....I netted 20K (gross 23K). Had my best month ever in the biz and surpassed last years revenues already (my first year at LPL I netted more than I ever did at Jones). Recurring revenues now are 37%, and wow is it nice not to have pitch the product of the day.I still remember my stocks at Eval/Grad....Con Agra and yes World Com.....[/quote] Hey, foot, where did you finish in July? You mentioned that it was your best month in the biz. How good was it?