Ej money losing international operations
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Spiff, I’m new/new … do you think I can seriously feed my family on 1 - 1.75 points?
You are correct - the muni bond inventory is better than most days. I think you'd agree that it's been a bit weak for the last couple of months. I have no benchmarking data so maybe it was simply normal? I have however not had to "turn" away a buyer because of lack of inventory. BTW: we only have 1 muni bond position under 10 years today and over 4%. Wonder what LPL has? I'd like to sell more of those.[quote=voltmoie] Spiff, I’m new/new … do you think I can seriously feed my family on 1 - 1.75 points?
[/quote]
Or afford to go to the strip club.
[quote=Spaceman Spiff]
Volt - on the bond comment - are you kidding? It's very tough to find ANYTHING sub 20 years? I just took a quick look at our muni, fed, cbd, and CD inventory and found plenty of things sub 20 years. How many $50K individual bond orders are you trying to fill with under 20 years of maturity? In fact there are currently 59 MBD positions with more than $25K in them with maturity between 10 and 20 years. There are 31 muni positions 0-9 years. Now, I didn't sort them for AMT (very small percentage of the US population have to worry about AMT), rating (I figured Jones did that for me already), or by state so you would obviously reduce those positions if you added those things. But don't give me this bull of I can't find anything under 20 years. BTW, there are 34 CBD positions 0-9 years. Are you sure you can't find anything 20 years or under, or are you looking for something 20 years and under AND 2-3 points?
I don't believe that EDJ thinks for a second that doorknocking doesn't work. Even with so many advisors out there who are inheriting assets, getting GKNs, or Legacy offices, the mantra to the majority of them is make face to face contacts. They do want to make sure that everyone has the opportunity to get some assets right out of training, but that's just to try to give everyone as much of a chance for success as they can. It's not the silver bullet, but it's certainly a help. That doesn't mean, in any circles other than those consisting of FAs griping about doorknocking, that there are people who believe that our business model isn't viable. [/quote] Spiff, not to be a spoilsport for you but I ran a query of muni's with less than a 9 year maturity and I could only pull up 1200 listings, there were more than that but we are limited to 1200 at a time to display....[quote=Juck Phones][quote=BigCheese]1. It doesn’t help your clients.
2. It probably hurts you in helping your clients because resources aren't available for US reps (really hard to quantify). Less bonus and partnership payout if you were elgible would be the logical answer. What's your take? You obviously have an opinion or you wouldn't have asked.[/quote] Yes, Big Cheese you are spot on. Doesn't do ANYTHING at all for my client and doesn't do ANYTHING to help me help my client, yet regardless of my LP and bonus, I have encountered specific situations that actually makes it harder for me to help my clients. so Juck Phones[/quote] I'm pretty sure the biggest hurt to your clients is your attitude. If you can't be productive to your clients within the Jones model either you suck or... if you think LPL is so much better then pick up the phone and go! Griping about Jones will get you nothing.Thanks Noggin. I was going to post that, but didn’t want to hurt Spiff. Of course, we only have in inventory what jones said was bad for their brokers. All triple c, not insured and paying 12 pts to boot. Bad bad bad LPL.
In Spiffs defense, if they had that much in inventory, the green screens would crash. Always a silver lining.[quote=fa09] [quote=Juck Phones][quote=BigCheese]1. It doesn’t help your clients.
2. It probably hurts you in helping your clients because resources aren’t available for US reps (really hard to quantify). Less bonus and partnership payout if you were elgible would be the logical answer.
What’s your take? You obviously have an opinion or you wouldn’t have asked.[/quote]
Yes, Big Cheese you are spot on. Doesn’t do ANYTHING at all for my client and doesn’t do ANYTHING to help me help my client, yet regardless of my LP and bonus, I have encountered specific situations that actually makes it harder for me to help my clients.
so
Juck Phones[/quote]
I’m pretty sure the biggest hurt to your clients is your attitude. If you can’t be productive to your clients within the Jones model either you suck or… if you think LPL is so much better then pick up the phone and go! Griping about Jones will get you nothing. [/quote]
Seriously - Juck is Seg 5. I would think he’d earn a little more respect from another Jones guy.
You think the Jones model is right for every client?
[quote=bspears]Thanks Noggin. I was going to post that, but didn’t want to hurt Spiff. Of course, we only have in inventory what jones said was bad for their brokers. All triple c, not insured and paying 12 pts to boot. Bad bad bad LPL.
In Spiffs defense, if they had that much in inventory, the green screens would crash. Always a silver lining. [/quote] Yes, 1200 bonds in our inventory would definitely crash the greens screens and probably be too much info for the average Jones FA's feeble mind to deal with. Which is why they're going to stop using them in October for our bond inventory. You people are having trouble with hearing what I'm not saying. I didn't pass any judgement at all on the inventory that LPL has for their advisors or your ability to buy what is best for your client. None at all. noggin - I'm sure the number is still going to be higher than at Jones, but how many are there if you take out any positions less than $25K, under AA, and keep it at 0-9 years? What's the best YTM and YTB? As far as respect for Juck - respect for his accomplishments in his business, yes. But his attitude does suck. He's obviously already decided to leave Jones and has also made the decision to do as much badmouthing of Jones on the way out. Not the way I'd personally choose to leave, but if it makes him feel better, then more power to him.[quote=Spaceman Spiff][quote=bspears]Thanks Noggin. I was going to post that, but didn’t want to hurt Spiff. Of course, we only have in inventory what jones said was bad for their brokers. All triple c, not insured and paying 12 pts to boot. Bad bad bad LPL.
In Spiffs defense, if they had that much in inventory, the green screens would crash. Always a silver lining. [/quote] Yes, 1200 bonds in our inventory would definitely crash the greens screens and probably be too much info for the average Jones FA's feeble mind to deal with. Which is why they're going to stop using them in October for our bond inventory. You people are having trouble with hearing what I'm not saying. I didn't pass any judgement at all on the inventory that LPL has for their advisors or your ability to buy what is best for your client. None at all. noggin - I'm sure the number is still going to be higher than at Jones, but how many are there if you take out any positions less than $25K, under AA, and keep it at 0-9 years? What's the best YTM and YTB? As far as respect for Juck - respect for his accomplishments in his business, yes. But his attitude does suck. He's obviously already decided to leave Jones and has also made the decision to do as much badmouthing of Jones on the way out. Not the way I'd personally choose to leave, but if it makes him feel better, then more power to him. [/quote] I ran it again it was still over 1200 with your parameters.Spiff-
Your so called bond department feels non-rated bonds aren't appropriate...but it does recommend that AMBAC, MBIA, or XCEL are appropriate? You have to be f____ing kidding...aren't you? I wouldn't pay for that piece of sh_t insurance if I could avoid it. Because you guys rarely offered non-rated you feel your department is helping you help your clients. BS!!!!!!!!! Just another example of the crap/propoganda you guys believe. Someone earlier referred to Jones reps as lemmings. I am begining to think that was a fair characterization.Once again, your facts are so old it's not even funny. And people like you tell us that we don't know what we don't know. You do know that the ratings on our bonds don't have ANYTHING, let me say that more slowly, A N Y T H I N G to do with AMBAC or MBIA or XCEL or FGIC or any of the other insurance agencies. See, there are these OTHER rating agencies called Standard and Poors and Moody's that rate bonds for the entire industry. The very same agencies that I'm going to guess you see rating from when you pull up your bond inventory. Let me explain how this works. Those companies look at all of the financial records of the bonds, of course at the request of the issuer, and they get a rating from that issuer. Sometimes it's AAA (that's S&P) or Aaa (this one is Moody's) and sometimes it's some other variation. There will be other letters involved too, but the basic concept is the farther along in the alphabet, the more shaky the municipality will be.
The way the industry used to work is if one of those issues also went out and purchased bond insurance, their rating would go up to AAA or Aaa because there was supposedly a guarantee that those insurance companies would pay off the bonds if the municipality were to go bankrupt (that means they ran out of money) or if they defaulted (that means they stopped paying their principle and interest back) on those loans. But now, we find out that the insurance companies that were supposed to be protecting the investor need protecting themselves. Seems they got in a little over their heads and did some stuff that wasn't very smart. So, now a company like EDJ can either keep doing things like they used to, or they could tell their advisors to stop looking at the insurance on the bonds because it's not really as safe as they once thought. Instead their advisors should fall back on the underlying rating from Moody's or S&P to talk about the safety of the bonds with clients. Guess which one EDJ picked? Someone once referred to you as a moron (by the way, that wasn't me). I'm starting to think that was a fair characterization.I still have countrywide cmo's with ambac insurance. We were told to sell them as AAA and insured...so I did. What a moron I was for listening to them.
And in my humble opinion, Spiff...you are the most moronic of all of them, becuase you aren't remotely balanced in your consistent Jones is the greatest attitude.
You wouldn't have a clue what the industry used to do because you were teaching all the Jones new reps to sell the hamburger (maybe you could describe for those that don't know what that is). EDJ is the greatest company for reps who can't or won't think for themselves. Sometimes I think you have a chance of actually breaking out of that conundrum. Days like today and all of your company responses tells me, again, I am wasting my typing skills. I hope there are a few out there who can see through the 2072 corporate responses.
Most of us consider a good day 2-3K gross or in my case I have a goal of identifying 1M of new money a day that I didn't know existed. For you, I get the impression that if you respond 1.5 times per day (which I believe is your average for 3 years) you can go home to Mama and tell her about the moron on the forums.
Did anyone have Spiff as a teacher? Maybe we can start a thread on our Jones KYC, Eval-Grad, PDP teachers?
[quote=fa09]
I'm pretty sure the biggest hurt to your clients is your attitude. If you can't be productive to your clients within the Jones model either you suck or... if you think LPL is so much better then pick up the phone and go! Griping about Jones will get you nothing. [/quote] Hey fa, you're not even thinking with common sense. My clients have no clue that I have any attitude against Big Greenie. I love my clients and literally love what I do. I am so fortunate. I will be educating my clients however, respectfully and professionally, "when the time is right". I understand full well that there comes a time to move ones self forward or STFU. Let me balance things out perhaps with some sage wisdom of what I'll just say is "well over a decade". You're new to EJ(?) You may be new to the industry. A) With EJ you are with the absolute best firm, bar none, to LEARN this industry. Years from now there may (or even may not) come a time that EJ is no longer best for you. You'll know it then like I know it now. B) You are starting out in this industry at the BEST time, bar none, that anyone living will EVER EVER EVER see for starting out. What a great time for a new FA to build a career! What a great time for a veteran FA to REbuild and reenergize a career. I've lurked these boards for years and have certainly read the incessant bashing of the Big Greenie especially by ex-Jonsers. Many of them remind me of ex spouses that just can't move themselves forward now that they're liberated from a bad situation. When I get EJ in the rear view mirror I will t.r.y. to retain a balanced prespective of the Big Greenie though I am in no way mistaken- it is fact- when you leave a firm, it is not civil divorce it is WARFARE. Speaking of which, I really need to lay low from this site now as paranoia may get the better of me in the near future. Careful -get too c***y and you could get your clock cleaned. Besides, I've just reached a personal goal that I had not wanted to exceed- my number of posts has reached 1% of Spiffs total posts. soooo Juck PhonesJP seeing as to how you are a Seg 5 I would think you are the latter of my 2 insinuations/suggestions in that you should never stay in a place that makes your truly unhappy, despite all the obvious success you've attained in your last 10 years at the firm. That being said, you have been lurking for years and for at least 8 months you've harbored enough resentment to come up with your username. All I was saying was that you weren't helping by your bashing, and to exit and be happy. Thank you for your updated post, much more balanced and I wish you all the best in your attempt to free yourself from big green brother.
[quote=BigCheese]
I still have countrywide cmo's with ambac insurance. We were told to sell them as AAA and insured...so I did. What a moron I was for listening to them.
And in my humble opinion, Spiff...you are the most moronic of all of them, becuase you aren't remotely balanced in your consistent Jones is the greatest attitude.
You wouldn't have a clue what the industry used to do because you were teaching all the Jones new reps to sell the hamburger (maybe you could describe for those that don't know what that is). EDJ is the greatest company for reps who can't or won't think for themselves. Sometimes I think you have a chance of actually breaking out of that conundrum. Days like today and all of your company responses tells me, again, I am wasting my typing skills. I hope there are a few out there who can see through the 2072 corporate responses.
Most of us consider a good day 2-3K gross or in my case I have a goal of identifying 1M of new money a day that I didn't know existed. For you, I get the impression that if you respond 1.5 times per day (which I believe is your average for 3 years) you can go home to Mama and tell her about the moron on the forums.
[/quote] The only time I get so unbalanced in my posts is with you. And with spears, but as he doesn't post much any longer, that's not as big an issue. Everything that you say I am PRO EDJ, you are ANTI EDJ. And you have the gall to tell me I'm unbalanced? There are plenty of issues with EDJ. I mentioned some of them in a post a few back. There are plenty more things I'd love to see changed. But you, along with some others, come on here LOOKING to talk bad about Jones. That's when the kool aid starts flowing a little faster in my veins. What did anything that I was talking about in my post about our inventory have to do with bond insurance? I understand COMPLETELY that Jones told you, me, and lots of others on this forum to tell our clients that the bonds were insured. It wasn't until LAST YEAR that anyone knew there was a problem with the insurers. So unless you suddenly became an accountant or an actuary and started delving into the books of AMBAC and MBIA, you weren't any more aware of what was going on in their balance sheet than any of the rest of us. You may perceive that as Jones doing something insidious and evil to cause you to look foolish, but it simply wasn't. When they found out there was an issue, they told us to stop telling people the bonds were insured and to rely solely on the underlying rating. So now our inventory screens don't even show whether a bond has insurance or not. So, does that make you a moron for selling those Countrywide bonds as insured? No. You were dealing with the best info you had at the time, which is the best any of us in this business can do. What do you expect to people to see if they were to look through the 2072 "corporate responses"? You continue to bash my career path with EDJ. Why is that? Do you think that while I was teaching people about the hamburger that I was oblivious to what was going on in the industry? If so, you are mistaken. So, you think it takes me all day long to post 1.5 times? I might spend a total of half an hour on here throughout the day. Fortunately for me I have pretty good typing skills and can formulate a thought on the fly, so I can put a big post like this together pretty quickly. Thanks for the concern though. I too have my business goals and most days I hit them.Spiff-
I have always maintained that Jones is a great place to start (how is that negative) and your responses to many are sarcastic and unbalanced...not just me. It's anyone who points out the flaws at Jones. What you can't understand for some unexplainable reason is that there is a much better life outside of your firm. It might be at a wirehouse. It might be independent. Anywhere is probably better than Jones because of their limitations, once you understand the biz. Look at Juck Phones...a seg 5 producer who is seeing the light because of lack of inventory or watching his bonus go to buffoons who should never have been hired. Or myself I left because I wanted my kids to join my practice at some point. I wanted a higher payout for myself and found that I was paying way too much for what I was getting in return. And I couldn't work for a firm that I did not trust. Yes Jones management lied and I left. And when they lie to you, if you have the balls (which I seriously doubt) and the revenue to back it up...you should consider leaving also. Please stop patronizing us, we know what you don't. Jones is a fine company for people like you.You have this habit of skillfully avoiding the questions that I ask that you don’t want to answer.
I have NEVER said anything negative about anyone who wants to leave Jones for anywhere else. I know that some people will stay at Jones for the rest of their careers and some won't. I know that the only place I'd ever consider going would be indy. I've actually had some conversations with some friends that are indy right now. All of them would welcome me with open arms into their practice. I patronize you because of your attitude. I do tend to get sarcastic. That last post I made to you about the insurance should have been read as dripping in sarcasm. I don't really care what you think of Jones or of me for that matter. I don't actually understand why you care so much. You hold a grudge longer than anyone I've ever met, which just confuses the heck out of me. But, as long as you continue to put up the posts that are so anti Jones with what you view as the truth, I'll continue to put up my pro Jones posts with what I perceive as the truth. You can't throw stones at me telling me that I'm unbiased and expect me to just let you mouth off and not expect a response to balance out your rhetoric. BTW, your starting to sound like a politician. Your talking in catch phrases - "Jones is a great place to start" "Jones management lied" "You don't know what you don't know". You're wearing a "Yes We Can" button right now aren't you?Spaceman Spiff wrote:
BTW, your starting to sound like a politician. Your talking in catch phrases - "Jones is a great place to start" "Jones management lied" "You don't know what you don't know". You're wearing a "Yes We Can" button right now aren't you? ++++++++++++++++ All right, boys, break it up. It was fun for a while, but now somebody's gonna get hurt. You both make good points, but Spiffy, you've gone too far. Calling a guy a politician? And a "Yes We Can" man at that? YOU HAVE CROSSED A LINE, SIR.Spaceman- I think it takes a good period of time after leaving Jones where one can speak without a lot of venom flowing out. I was certainly a case in point. For me given what had transpired in my region, I felt that the best decision was to leave the firm. I am certain that they were ill equiped to deal with the situation in my region and in my mind handled it so poorly that I did not trust management any longer. As a matter of fact, about 3 months prior to leaving I had lunch with a GP who asked me when I would consider leaving. I told him " when I can longer trust management to make ethical and principled decisions". He looked at me oddly and then we talked about something else. That was my experience and everyone has a different one. I left and did not contact anyone until 1 year was up…there was no need to send me a threatening letter from the home office counsel reminding me what I had signed, I was already aware of it. Integrity is not something that you can remind one of in a letter.
All that being said, the more layers that were stripped from the organization as I was on the leadership team, the more I realized that the firm I joined was not the one that I was employed by. I met with a wholesaler from a fund company this week, he too had left EJ and I felt a strange kinship. The fact that he had worked there and of his own free will had made a decision to leave caused him to have more credibility in my eyes. I enjoy the dialogue back and forth with you over time and I understand that you truly believe what you write. There is nothing worse than to stay employed with a company that you have no faith in ( i.e. Borker Boy). I wish you much success and look on my time at EJ with much fondness for the friendships fostered as well as the reward trips.