Edward Jones Digital File Cabinet

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Jan 18, 2008 12:37 pm

Have any Jones people been using the new scanning/electronic file cabinet feature since it rolled out?  It is awesome!  I am sure we are probably the last on the planet to do this, but we pretty much have no hard copy files anymore (other than insurance I think).  I have been loading old brokerages statements (prior firm), social security statements, tax returns, trust docs, you name it.  I am also saving my Morningstar Hypo's and financial plans to the file cabinet now, so I have historical records of what I gave each client in the past.

 
I am just curious if people at Jones or other firms use this feature for other types of things that help your productivity.
Jan 18, 2008 9:10 pm

Why are you doing it instead of your assistant?

Jan 18, 2008 9:14 pm

EDJ is behind many firms (AGE and ML have had it for a while) but I'm sure you're not the last. It amazes me the low self esteem EDJ reps have. Your firm is not perfect (neither is any other) but you have a lot going for you. 

Jan 19, 2008 10:13 am

Is there a concern that your B/D can cut you off from all of your records?

Jan 19, 2008 12:32 pm

LPL has indicated that they will sell you a portable hard drive with all your information on it if you leave, and I assume they put it in writing when you use the optional document part of iDOC.  Honestly, I've not checked due to thoughts of continuing to develop my own internal system that I KNOW will come with me without any hassle.

 
I'm fairly confident that non-indy B/Ds would tend to be much less accomodating if an advisor left and wanted to get digital files of all their documents.
Jan 19, 2008 1:05 pm
Indyone:

LPL has indicated that they will sell you a portable hard drive with all your information on it if you leave, and I assume they put it in writing when you use the optional document part of iDOC.  Honestly, I've not checked due to thoughts of continuing to develop my own internal system that I KNOW will come with me without any hassle.

 
I'm fairly confident that non-indy B/Ds would tend to be much less accomodating if an advisor left and wanted to get digital files of all their documents.



Interesting.  I've not been comfortable with iDoc because of that very issue...

I think you're putting it lightly when it comes to non-indy b/d's.  I think if you scanned everything into Jones' system and didn't retain the paper copy for yourself, or have a backup digital copy, there is almost NO WAY they would give you copies upon your departure.

Jan 19, 2008 5:32 pm

As an LPL newbie, I asked this question of the compliance rep during the process.  He did say they will sell you the disk with the info and that LPL does not want the clients without a rep, or the hassle of handing out accounts, so would encourage clients to go with you.  He claimed LPL does not want the liability of handling client accounts without an advisor, so they'll turn everything over to you.  Hopefully we won't have to test this theory.  

Jan 19, 2008 9:45 pm

I've also been told that LPL will provide you with a portable hard drive (temporarily) with all of your docs on it. You basically download your data, and then send it back (where they delete it to use for another LPL guy who is leaving).  I'm guessing that 'ole Jones would NOT be so accomodating. I can picture that phone call, "yeah, I'm here in my new LPL office, can you send me all of my files please?"

 
We had an LPL rep in our town leave, and LPL just sent his clients a "your rep has left, please find another rep" letter. They would NOT recommend other LPL advisors.
Jan 20, 2008 12:46 pm
now_indy:

I've also been told that LPL will provide you with a portable hard drive (temporarily) with all of your docs on it. You basically download your data, and then send it back (where they delete it to use for another LPL guy who is leaving). I'm guessing that 'ole Jones would NOT be so accomodating. I can picture that phone call, "yeah, I'm here in my new LPL office, can you send me all of my files please?"



We had an LPL rep in our town leave, and LPL just sent his clients a "your rep has left, please find another rep" letter. They would NOT recommend other LPL advisors.





Apples & oranges. Any wirehouse or captive BD would fight to keep the accounts, not just Jones. I don't think you would see Merrill express mailing their client database over to their 1mm producer that just went indy.

Indy firms are not fighting for accounts, they are fighting for reps.

Jan 21, 2008 10:48 am
Sedona:

EDJ is behind many firms (AGE and ML have had it for a while) but I'm sure you're not the last. It amazes me the low self esteem EDJ reps have. Your firm is not perfect (neither is any other) but you have a lot going for you. 

 
You are right.  Jones isn't perfect, but it's a heck of a lot better than a lot of places out there. 
 
Question though.  Where do you get the impression that EDJ reps have low self esteem? 
Jan 21, 2008 1:53 pm
Spaceman Spiff:
Sedona:

EDJ is behind many firms (AGE and ML have had it for a while) but I'm sure you're not the last. It amazes me the low self esteem EDJ reps have. Your firm is not perfect (neither is any other) but you have a lot going for you. 

 
You are right.  Jones isn't perfect, but it's a heck of a lot better than a lot of places out there. 
 
Question though.  Where do you get the impression that EDJ reps have low self esteem? 
 
Sedona, our self-esteem is just fine.  I was simply stating the obvious.  Jones was behind the technological curve for many years.  We're now at parity with most firms.  I wouldn't read into my comment too much.  Jones is actually making a push to continue making such improvements to technology that they aim to be one of the best in the industry.  Based on their investment and changes made in the past 18 months, I would say they are on pace to do that (if they continue).
Jan 23, 2008 9:52 pm

Yes, they really have fixed the commissions screens.....

Jan 23, 2008 10:19 pm

What is the Digital File Cabinet? I went to see my Edward Jone/Rotary friend and he told me he never heard of it. 

Jan 24, 2008 8:55 am

He must not be paying attention, or either his BOA hasn't told him about it.   It's a pretty neat set-up.  No more keeping folders or stacks of papers of statements, etc.

Jan 24, 2008 9:02 am
Indyone:

LPL has indicated that they will sell you a portable hard drive with all your information on it if you leave, and I assume they put it in writing when you use the optional document part of iDOC.  Honestly, I've not checked due to thoughts of continuing to develop my own internal system that I KNOW will come with me without any hassle.

 
I'm fairly confident that non-indy B/Ds would tend to be much less accomodating if an advisor left and wanted to get digital files of all their documents.



For what it's worth, I had my annual audit last week.  One thing I always do when they are in is ask the auditor what she is seeing in terms of 'best practices' at other offices she audits.  After only a few moments reflection-she commented that the offices she's seen who are using iDoc (LPL's imaging system) SWEAR by it.  She said they unequivocally LOVE it.

See the separate thread I've started on iDoc and outside digital imaging systems so we can avoid hijacking this one any further

Jan 24, 2008 10:49 am

I would imagine the biggest reason for Jones and all other firms to start imaging is to make it harder for reps to get client info so they can move there book.

This is the only technolgy Jone really jumped on.     
Jan 24, 2008 11:35 am
Greenbacks:
This is the only technolgy Jone really jumped on.     
 
Huh?  Do you work at Jones?
Jan 24, 2008 3:46 pm
Greenbacks:

I would imagine the biggest reason for Jones and all other firms to start imaging is to make it harder for reps to get client info so they can move there book.

This is the only technolgy Jone really jumped on.     
 
I'm sure that's part of the issue, but only a small part.  My guess would be that we got a transfer broker from another firm (yes, we do get them) who used his company's iDoc like system and loved it.  Probably made a suggbox to the IS folks and got them thinking outside the box.  Now we have the scanning system.  Now my 3-n-1 machince no longer functions as a 2-n-1 machine.
 
Now if we can just get rid of these stupid green screens.   
Jan 26, 2008 8:53 am

Space,

I don't disagree with your post, but isn't it kind of depressing to think that the Jones IT folks might consider adopting a document imaging system - something that many firms have been using for years now - to be 'thinking outside the box?'  

Ouch.

Jan 26, 2008 9:36 am
Morphius:

Space,I don't disagree with your post, but isn't it kind of depressing to think that the Jones IT folks might consider adopting a document imaging system - something that many firms have been using for years now - to be 'thinking outside the box?' Ouch.





It's actually been on the docket for some time. They have several things that have been in process for the past 18 months, and things that are still in process. Since the "new guard" took over, they have been rolling out new technology and systems as fast as possible. However, you can only bring so many things out at once.