Exactly Zero!

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Feb 11, 2009 7:55 pm

How many Edward Jones advisors were recently named to Barron's Top 1000 list?  Afterall, they do operate in all 50 states, and have more than 10,000 advisors with more locations than any other firm. 

Feb 11, 2009 8:04 pm

I have to ask: Is anybody really shocked?



Feb 11, 2009 8:43 pm

Sooth, that's sort of a low blow, but I will address part of this. 

 
Advisors and firms SUBMIT their names for these rankings.  It's part of their marketing strategy.  This does not include EVERYONE in the universe of FA's.  In fact, the largest producer in our state (everyone knows his firm - he runs through RJ) is NOT EVEN ON THE LIST.  Yet, he shows up on some of the other "top advisor" lists.  The 2nd biggest producer in our state (another indy) has about 40 people on his staff, about 7 of which are advisors.  Jones typically does not participate in these types of rankings.  It's like any of those "Best" lists.  Why do you think Jones is #1 on the Registered Rep Broker Report every year?  Or why they are at the top of the Best Places to Work Rankings all the time?  It's because they MARKET that way.  They SUBMIT to these things.  Right or wrong, Jones doesn't recruit big producers, so they don't give a flip about marketing to these lists.
 
I looked at the list.  I can say FOR SURE that we have advisors in many of those states that have more assets and higher production than several on those lists.  There's FA's on the list with under 100mm in assets!  There are MANY with 100-300mm.  And there are a lot of Jones producers in that category.
 
Finally, I can GUARANTEE you that someone with $1B in AUM has a REALLY big team working for them.  Many of them have teams of 10-15 people or more.  And they PAY all these people.  And many of them are FA's that are part of the team and take a large part of the production.  As you know, Jones doesn't have teams.  So there are a lot of guys at Jones with more AUM and more production than many people on the list that APPEAR to have more assets or production (if you allocate production and AUM over the team members).
 
Sooth, I am not saying that Jones is cranking out top producers left and right.  We just don't.  But I can say, for certainty, that we have many FA's that could be on this list.
 
"Here are America’s best financial advisers, segmented by state. The rankings are based on data provided by over 3,000 of the nation’s most productive advisers. Factors included in the rankings: assets under management, revenue produced for the firm, client satisfaction, regulatory record and philanthropic work. Institutional assets are given less weight in the scoring."
Feb 11, 2009 10:11 pm

The reason Jones does not participate is because it puts them in a position where they cannot "control the message".  It also puts an individual in a position where they are recognized for their excellence and skill as opposed to a method, formula, or platform provided by their firm.  Jones does not like it when someone other than Weddle (and formerly Bachman) starts to become a recognizable name and face of the firm.  They go for the group awards, and skip the individual accolades where their "best" are benchmarked against others in the industry. 

Feb 11, 2009 10:38 pm

Well put. One more for my 25 per day of reasons to complain about Jones.

Feb 11, 2009 10:41 pm

Excellent point, sooth.  Firms who are pushing their model are hitting hard times.  Now they are depending upon the advisors to do what they do best.  We should look at our firms as platforms.  We use the platforms to provide for our clients.  After all, it is our clients whom employ us, not our firms.

 
BofA thinks its new model is unstoppable.  MER was missing it with "Total Merrill".  Maybe that would have been true 5-10 years ago.  Not now.  Any firm that has not embraced open architecture has and will continue to lose assets and clients.  Any practitioner who is a one fund family wonder is also not going to last into the next generation.
 
We should run our practices, be they indy or B/D, with complete independance of the organization toward being client centric.  The business will catch up with the fact that that is where the world has been.
Feb 11, 2009 11:02 pm

We could have some fun with this!

A.  "Exactly Zero"

Q.  How many Jones reps are in the Top 1000 nationally?
Q.  What is the true value of Citigroup stock?
Q.  How much will the final retention package be for a $750,000 producer at Smith Barney?
Q.  How much of an impact will the new stimulus package have on the economy?
Q.  What will be the new payout, at grid, for a Merrill producer at $210,000?
Q.  If Tim Geithner wouldn't have been nominated for the Treasury job, what would have been his tax bill for 2008?
Q.  If you take the IQ of my second wife, and subtract 14, what do you have?

Feb 12, 2009 9:05 am
Bodysurf:

We could have some fun with this!

A.  "Exactly Zero"

Q.  How many Jones reps are in the Top 1000 nationally?
Q.  What is the true value of Citigroup stock?
Q.  How much will the final retention package be for a $750,000 producer at Smith Barney?
Q.  How much of an impact will the new stimulus package have on the economy?
Q.  What will be the new payout, at grid, for a Merrill producer at $210,000?
Q.  If Tim Geithner wouldn't have been nominated for the Treasury job, what would have been his tax bill for 2008?
Q.  If you take the IQ of my second wife, and subtract 14, what do you have?

 
Feb 12, 2009 9:15 am

EDJ just cares about the lists that ask them how great they think they are