Edward Jones History
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That’s a little far-fetched .
Everyone knows that Bachman was a puppet the whole time of Doug Hill. In fact, the only reason Doug Hill stepped down, was to devote more time to stealing money from mutual fund shareholders. Weddle is a pawn in his game to fleece the investing public of all of their money.
And they are not members of Skull and Bones - they are members of the Femurs and Tarsals. A much more sinister organization bent on making St. Louis the country’s capital. Conestoga is a shell company used to funnel campaign money so that “saul4paul” (who is the brains behind “Ron Paul”) can become this new “Jonesmerica’s” all powerful King/Emperor/President/Emir/Pontiff/.
And remember ex-Jonesers, if you’re part of the “saul4paul” solution, you’re part of the problem.
So now you finally know who Saul4Paul is - Doug Hill. I’m afraid I’m going to have to go into witness protection now.
I got a peek at the summer regional tape and I am sad to say that did not know any of the top producers shown there. After being gone 8 years I learned how quickly the firm changes!!
IndyEDJEight years is a lifetime in this biz. I’d bet a lot of the top producers you knew are either HQ GPs or just don’t do the videos any longer. Some of the big names are still there, but just not as prevalent anymore.
EDJ has changed A LOT since you left in 2000.Here’s a good one for you Spiff. I sent a nice letter to my old office requesting cost basis on accounts that had transferred to me at my new firm. It was signed by every client and requested that the rep supply that information directly to me their “new” advisor… The person that took over my office sent a letter that was approved by compliance to all clients that said since your account is closed at jones, we have no responsibilty for cost basis.
I would think that all firms have an inherent obligation to supply cost basis when an account transfers.[quote=WestH]So where does the “Serving Individual Investors since 1871” comes from?[/quote]
They just wanted to sound older than AGE lol
Nogs-
I had the same problem 18 months ago. You should send the letter to headquarters. They are required to provide the info. But they won't mail it to you, only their ex-client. It's nothing but a pain in the ass. Most firms participated in the national electronic cost basis transfer process at the time of the transfer. Just another example of the doublespeak on how the customer always comes first.[quote=noggin]Here’s a good one for you Spiff. I sent a nice letter to my old office requesting cost basis on accounts that had transferred to me at my new firm. It was signed by every client and requested that the rep supply that information directly to me their “new” advisor… The person that took over my office sent a letter that was approved by compliance to all clients that said since your account is closed at jones, we have no responsibilty for cost basis.
I would think that all firms have an inherent obligation to supply cost basis when an account transfers. [/quote] That's odd when I took over an office. The previous broker sent letters for cost basis directly to the home office and they provided the information within a month. Try that.. Miss JGet ALL of your clients to request cost basis from Jones. I have been gone about two years, and just yesterday a CPA called me for cost basis. Well, because the Jones account has been closed over 18 months, I’m basically screwed, as Jones will just say “sorry.”
I've had to have clients bring in all of their Jones statements, and me and Excel spend some quality time together. Thanks Jones!I have the same issues when I transfer in accounts from other firms too. So, it’s not just a Jones issue.
I don't believe there is any obligation to share info between firms. Not saying it's right, just the reality of the way it is. I know if a former client called my office I would do what I could to accomodate them. But, once you leave, you are no longer MY client and you DON'T come first any longer. Why should I or my BOA spend ANY time at all doing YOUR work? If the home office wants to do the legwork for you, great. Send them the request. I would think that would be something that should have been thought of before you left Jones.Spiffy-
You are conflicted with your own company. There is an obligation to share info with the clients and it is much more convenient to have that info transferred directly to the clients new advisor. What Jones is doing again, is saying one thing i.e., that the client always comes first...remember before the hard working FA according to management. And what you are saying is that your ex client ( I thought Jones owns the client not you) don't receive that A++ service once they leave. The puddle gets more cloudy when outsiders recognize for you that YOU are an employee of the same company that tells anyone who will listen that when they are clients, the customer always comes first. The reality is that Jones wants you to think independently, but acts as if you don't have a say in the matter. It ain't perfect anywhere, especially at EDJ.I’m not conflicted. And your statement is correct. Once someone leaves my office, they no longer get my A++ service like they did when they were my client. If it’s easy info to get, then great, I’ll do it. Because I’m a nice guy. But if you think I’m going to waste any substantial time calculating something like cost basis, you’re crazy. I have no legal or ethical obligation to provide that info to anyone other than the advisor. Signed letter or not.
So, you're telling me also that if your client moved money to me (must have had a stroke that day) if they call you a year later and ask you for info,you're going to drop everything and help them out? Really? I'd bet if you talk to someone at Jones HQ, they'd say they are more than willing to give that info to the client. But they're not going to provide that info to the new advisor. It's a confidentiality issue that Jones is trying to protect. I do get to act independantly on a lot of things. Some things I don't. I understand the relationship and I'm willing to live with it. You weren't, so you left.[quote=Spaceman Spiff]I have the same issues when I transfer in accounts from other firms too. So, it’s not just a Jones issue.
I don't believe there is any obligation to share info between firms. Not saying it's right, just the reality of the way it is. I know if a former client called my office I would do what I could to accomodate them. But, once you leave, you are no longer MY client and you DON'T come first any longer. Why should I or my BOA spend ANY time at all doing YOUR work? If the home office wants to do the legwork for you, great. Send them the request. I would think that would be something that should have been thought of before you left Jones. [/quote] Spiff- According to the agreement that I signed with Jones, I couldn't take that information with me. I believe in legally and ethically keeping your word so to answer your question there was nothing i could have done about it before I left. Every time I transferred an account from another firm I was supplied cost basis if I requested it. I think it is a Jones issue. You can't really believe that there is no obligation to share information do you?I think we're having two different thought processes here. Nog- I believe that if your client goes to EDJ HQ and asks for cost basis information on their accounts, then they have an obligation to give your client that info. I'm sure they will provide that info.
Now, at the branch level, if you send me the FA a letter asking me to provide you, the recently departed or account stealing FA, cost basis for a former client, I'm going to tell you to go jump in a lake. My office has zero obligation to you as an advisor to give up that info. Now, if my former client comes by the office or calls me, then I'll help. I'll get him the info he needs. And I'll do it with a smile. Actually my BOA will do it. I'll close the door to my office so I don't have to look at the guy.Now, at the branch level, if you send me the FA a letter asking me to provide you, the recently departed or account stealing FA, cost basis for a former client, I’m going to tell you to go jump in a lake. My office has zero obligation to you as an advisor to give up that info.
Spiff...did we strike a personal nerve. Perhaps a situation or two where people left and you took it personal.... Try working out at least three times a week for stress relief.No personal nerve. It’s just easy to get you guys going. And we haven’t had a good I hate Jones conversation in a while.
I have only had one former client who really pissed me off this way. He moved to Schwab, then called me asking for help with cost basis. He was a putz anyway, so I told him to have Skippy at Schwab help him. You'll appreciate this one uwec - He's also the guy I sent a copy of Schwab's revenue sharing agreement to when he used that as the excuse for leaving my office. Found it on the web, printed it, highlighted it, and stuck it in the mail in a blank envelope. I see him at church every once in a while. For some reason he doesn't acknowledge my existence.I’ve had to explain revenue sharing a few times. But once people understand that all firms do it - UBS, ML, Morgan Stanley, LPL, etc., it makes sense. Most firms receive revenue sharing from far more funds as well. Fortunately, with the Advisory account we rolled out, we rebate any revenue sharing income back to the client’s account (and 12b-1’s). No double-dipping.
[quote=Spaceman Spiff]
I think we're having two different thought processes here. Nog- I believe that if your client goes to EDJ HQ and asks for cost basis information on their accounts, then they have an obligation to give your client that info. I'm sure they will provide that info.
Now, at the branch level, if you send me the FA a letter asking me to provide you, the recently departed or account stealing FA, cost basis for a former client, I'm going to tell you to go jump in a lake. My office has zero obligation to you as an advisor to give up that info. Now, if my former client comes by the office or calls me, then I'll help. I'll get him the info he needs. And I'll do it with a smile. Actually my BOA will do it. I'll close the door to my office so I don't have to look at the guy. You're incorrect on that my good friend Spiff. The only cost basis that the home office will supply is on the bond positions. Apparently, they aren't capable of supplying the mutual fund positions or the stocks. Check it out and report back......