Edward Jones # 1 again

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Nov 21, 2005 8:22 pm

Sorta like Apple Pie and America. Edward Jones and #1.


Take a look:


http://www.investmentnews.com/article.cms?articleId=53879


TA

Nov 21, 2005 8:48 pm

Hey T 'n A,


Tell me, how you are in business for yourself at EDJ. 


BTW, Congrats on that statements award.  That's huge man.  Freakin un-real.


If you just had American Funds print them directly, you could cut out one extra name on them, making them that much easier to read.

Nov 21, 2005 9:04 pm

Ex,



A little salt in the wound?



As your gross increased since you left Jones?



BPD

Nov 21, 2005 9:05 pm
BigPayDay:

Ex,

As your gross increased since you left Jones?

BPD


Of course.


Is that bad?

Nov 21, 2005 9:15 pm

What was it and what is it now?



BPD

Nov 22, 2005 9:30 am

BPD,


Is it about gross or net?  I always thought net is what paid my bills and fed my family - why don't you compare that?

Nov 22, 2005 9:49 am
BigPayDay:

What was it and what is it now?

BPD


You don't actually think it's rare for people to increase their revenue after leaving Jones, do you?

Nov 22, 2005 9:51 am
The Answer:

Sorta like Apple Pie and America. Edward Jones and #1.


Take a look:


http://www.investmentnews.com/article.cms?articleId=53879


TA




"Effectiveness"? You mean they print statements that show mutual fund kickbacks, contest points earned by the broker and the value of "touchdown" bonds?

Nov 22, 2005 10:14 am

MB,


Only Jones advisors increase their gross.  This slays me, they are actually bragging about statements.  Here's a question for the Jones advisors;


How do you conduct tax-loss harvesting for your clients?  or


How do you build a financial plan for your clients?  How about an estate plan? 
It seems to me that these are some metrics that matter, where are your surveys for them?

Nov 22, 2005 10:26 am

My gross, net, net/net and my AUM are all up since leaving Jones two years ago.


According to Edward Jones, I don't exist.  Brokers who leave only take half their book, make less money, and regret their decision.  Funny that there are so many like me--never been happier and good riddance EDJ.













Nov 22, 2005 3:39 pm
BigPayDay:

What was it and what is it now?

BPD


Even anonymously, I dont like talking about myself. But since you asked,


I left Jones in seg 3. About 2 mos before and 2 mos after the move production was pretty low for me.  I timed my move so I had some things that I knew would hit when I was on the other side.  Haven't been ind. that long but by this time next month my gross would put me at or very near seg 4 #'s.  My pipe has stayed pretty full through the add'l contact with clients, new money, and inc referrals.  Clients have told me they are more comfortable with my new arrangement.


I told no clients I was moving, I just had some faith that the stuff I had in the pipe would still be there when I landed on the other side.  It was.


These are the only numbers I am going to share here so don't ask me for hard figures, AUM, or anything else.  I like my anonymity here.


You don't have to be a big producer to leave Jones, have a nice office and keep an admin full time w/ benes.  You just need to do your homework, put together a plan,  make the decision, and never look back.

Nov 22, 2005 8:57 pm

Exdrone wrote: "Clients have told me they are more comfortable with my new arrangement."



Ex,



Exactly what is it that your client's are more comfortable about?



BPD

Nov 23, 2005 12:26 am
BigPayDay:

Exdrone wrote: "Clients have told me they are more comfortable with my new arrangement."

Ex,

Exactly what is it that your client's are more comfortable about?

BPD


Some clients have told me they thought Jones was telling me what to sell.  They think being away from a large firm gives me more objectivity when recommending investments.  I'm no rocket scientist but this may have something to do with the recent rev sharing issues. I simply feel like I have more tools in my bag.

Nov 23, 2005 12:34 am

Ex,



So you're firm doesn't do revenue sharing? What firm is that?



BPD

Nov 23, 2005 12:37 am

10 REASONS I AM THANKFUL I LEFT EDWARD JONES......


10. FREEDOM


 9. HIGHER PAYOUTS ON MUTUAL FUNDS


 8. MANAGED ACCOUNTS / FEE BUSINESS


 7. MEANINGFUL SOFTWARE


 6. HIGHER PAYOUTS ON STOCK SALES


 5. HIGHER PAYOUTS ON ANNUITIES


 4. HIGHER PAYOUTS ON LTC


 3. HIGHER PAYOUTS ON LIFE INSURANCE


 2. PAYING A LOT LESS FOR COMPUTER SERVICES


 1. NOT HAVING TO WAIT TO GET A BONUS THREE TIMES  A YEAR IF THE GP'S SAY SO, SINCE WE GET PAID WEEKLY 


Nov 23, 2005 12:41 am

Bench Warmer,



It's interesting that you didn't mention your CLIENTs being better off. Are there any reasons your clients are thankful you left Edward Jones?



BPD

Nov 23, 2005 12:47 am
exdrone:
BigPayDay:

Exdrone wrote: "Clients have told me they are more comfortable with my new arrangement." Ex, Exactly what is it that your client's are more comfortable about? BPD



Some clients have told me they thought Jones was telling me what to sell. They think being away from a large firm gives me more objectivity when recommending investments. I'm no rocket scientist but this may have something to do with the recent rev sharing issues. I simply feel like I have more tools in my bag.





Ex,



So your firm doesn't do revenue sharing? What firm is that?



BPD

Nov 23, 2005 1:24 am
BigPayDay:

Bench Warmer,

It's interesting that you didn't mention your Clients being better off. Are there any reasons your clients are thankful you left Edward Jones?

BPD


YES,  They are happy that they don't have to put up with JERKS LIKE YOU AND DOUG "3 MIL" HILL AND HIS STUPID NEWSLETTERS ...But since you asked here are the TOP 10 REASONS MY CLIENTS ARE GLAD I LEFT EDWARD JONES:


10. My clients also like the FACT my FIRM wasn't hit for 75 million in fines and facing close to 1 Billion in CA settlement.........


  9. FEE BASED BUSINESS (NO I WON'T EDUCATE YOU ON WHY IT'S BETTER THAN A SHARES) MY CLIENTS LOVE IT


  8. WHEN MY CLIENTS COME IN IT IS FOR SERVICE, NOT SELLING THEM THE "FLAVOR" OF THE MONTH LIKE YOU STILL DO...........DO THEY STILL HAVE THOSE SATURDAY PROMOTIONS, LIKE SELLING A "STOCK" or  'BOND" or A PARTICULAR "MUTUAL FUND"  OH, YEA BFD, THAT'S REALLY TAKEN CARE OF YOUR CLIENT ISN'T IT? Do you think they don't know it?


   7. BY THE WAY MY CLIENTS DO READ THE "WSJ" SO THEY ARE VERY PLEASED I LEFT..........They relate to the articles.


    6.  The don't have a nebie that Edward Jones put in my old Office, that's still wet behind the ears


   5.  They really love our customer statements, it really smokes Edward Jones statements


   4.  They love our financial plan, that is reinforced every quarter when we have our review


    3. They love that we don't bug them with unecessary crap that is mailed in their Quarterly statement.


     2. They LOVE NOT PAYING HIGH COMMISSIONS........


     1. THEY LOVE THE FACT THERE IS MORE THAN ON IR IN OUR OFFICE, AND ALL OF OUR STAFF IS LICENSED SO THEY DON'T HAVE TO CALL SOME DIM WIT IN ST. LOUIS TO GET AN ANSWER...... 


 HAPPY THANKSGIVING

Nov 23, 2005 10:47 am

Player,



What is your favorite kind of fee business?



- Fee in lieu of commission



- Mutual fund wrap



- Seperately managed accounts



Inquiring minds want to know.



BPD

Nov 23, 2005 1:57 pm
BigPayDay:
exdrone:
BigPayDay:

Exdrone wrote: "Clients have told me they are more comfortable with my new arrangement." Ex, Exactly what is it that your client's are more comfortable about? BPD



Some clients have told me they thought Jones was telling me what to sell.  They think being away from a large firm gives me more objectivity when recommending investments.  I'm no rocket scientist but this may have something to do with the recent rev sharing issues. I simply feel like I have more tools in my bag.




Ex,

So your firm doesn't do revenue sharing? What firm is that?

BPD



Many firms have revenue sharing. MOST firms don't have such a small list of fund families that are part of the revenue sharing program, don't have such a massive percentage going to a single member of that list AND don't run year long contests or have payouts where production based on using members of the revenue sharing list get special treatment.



See the diff'?