proudlp,

Please understand, I am not trying to be hostile towards you, I don't know you either, and you are just defending your firm...admirable.

Yes, I have a matrix of funds I use...they consist of American, ML, MFS, Van Kampen, Jennison Dryden, Calamos, Scudder, Blackrock, Pioneer......a few others that pop up, and fall off. I do my research based on quartile rankings, past performance, management tenure, how the 2000- 2002 blood bath was handled, potential for future growth, and a host of other metricks - these are my preferred funds. The difference is,........The seven or eight funds Jones uses, don't offer the top managers in some very important spaces, and sectors that should be overweighted. And.........if you do use a fund because they are the best in that space, but they are not on the Jones list, you get a smaller payout (Conflict of interest - ripped right from the AMEX advisors playbook). OK....Growth Fund of America, is a very good Lg. Growth play.....I need more than one Lg. cap Growth fund. International, utilities, financials, natural resources.......There are so many awesome opportunities to make money for clients in these areas, and The Jones Preferreds just don't give you the best exposure. 

I love the story..... but the Bartow days of being a multi million dollar producer using only ICA and WAMUT, are not going to win you competitive situations. And when Lg. value lays dormant for an extended period of time 2- 5 years, where will you grab yield, clients will be looking for it.  I have a family member who has every cent in Growth fund of America (not a client) He just keeps adding to it.....he will be rewarded, probably...in the comming 24 months, but think of all the money he left on the table in the last 5 years.  

[quote=proudlp]

Guess you told me...

There is a complete untruth here though...If a wholesaler was told they could only call on an IR after their first ticket, this was not told to them by anyone in the home office at Jones.  Absolutely untrue...without a doubt.   This could have been the case with annuities as there are appointment issues at play there (I don't know about that one), but for Mutual Funds it is absolutely unequivocly untrue.  I don't doubt that there are wholesalers who have been told by their own firms things like that, but it did not come from anyone at Jones.  I can say that for sure and without question.

[/quote]

How can you possibly know this unless you are in prod revew, mf marketing or a gp at jones?  You cant.  You just repeat it on blind faith because the bosses tell you so.  Cite something that validates your statement.  Just because you believe it doesn't make it true.

[quote=moneyadvisor]

proudlp,

Please understand, I am not trying to be hostile towards you, I don't know you either, and you are just defending your firm...admirable.

[/quote]

If you call yourself proudlp on this site, you deserve a little hostility.

I can tell you that I haven’t written my first ticket and I get called buy fund guys all the time

I am also working with a training with a Jones broker who uses the hell
out of Calamos. I’ve been doing my research on them and I intend to do
so as well.

Great fund…get used to the lower payout,…their in lies the rub.

As long as it gets rubbed I’m fine.

Back to the original topic......

There was something about "potential risk" in being an indy vs working for Jones in that memo. 

It referred to "costly E&O insurance" that indys have to purchase vs a firm like Jones standing behind you all the way.    Yeah, I believe that one....

Thoughts on risk?

My E&O runs about $150/month.  I don’t consider that “costly”.

I was told the same thing.  Half-truths and lies shouldn't deter someone from investigating on their own what's it's REALLY like on the other side of the fence.

I met Bartow once. He was very successful but I gotta admit... I would never have opened an account with that little dude if he showed up at my trailer...

JS.

I too was at a Bartow event. If his story is true (which I actually do believe), the guy is a legend, and a hell of a hardworker. But, I think that worked 15- 20 years ago. (door knocking the world, in bupkis town), I think his principles, and keep to basics  is applicable today.

E&O will run about the same wherever you go, give or take a few bucks. 

The whole Grass is Greener is fear-mongering. 

Jones is great for some people and that's fantastic - more power to ya if it's the best fit.  I do think that more and more are starting to sober up from their weekend kool-aid binge and understanding that for their more sophisticated clients, there are sometimes better alternatives (for those that desire a fee-based business).  Why lose prospect after prospect to the competition because of an inferior platform?

BR - No way on the E&O not these days.  There's a lot of hidden costs in the E&O that you really have to look at.  There is also a great disparity between some firms and the costs.  Some of the issues to consider are who is underwriting the policy? How is the advisor covered?  What are the deductibles?  What is covered and what is not?

Examples - some independents don't have enough revenue to pay for or get preferred pricing on policies and self insure.  Big issue, for example if a firm only has excess net capital of $4-5 million and they self insure; they are a fine away from going out of business.  Other concerns are the ability to have coverage through your b/d if you are doing RIA business under your own RIA or doing OBA directly - i.e. insurance business away from your b/d.  There are increasing changes here to keep an eye on.  Some firms charge around a $150 or so a month while others charge $350 plus and cover less.  Keys to consider are issues I raised above, the costs and deductible.  Inferior coverage is a true sign of a broker dealer that lacks the infrastructure to support your business.

I’m sure what you say is accurate, cs, but I took Broker Recruit’s comments to mean the differences between the big houses…LPL, RayJay, Commonwealth, etc.

[quote=moneyadvisor]

JS.

I too was at a Bartow event. If his story is true (which I actually do believe), the guy is a legend, and a hell of a hardworker. But, I think that worked 15- 20 years ago. (door knocking the world, in bupkis town), I think his principles, and keep to basics  is applicable today.

[/quote]

Moneyadvisor,

To Bartow's values would work in any market condition, he only taught one way, straight ahead........Fact Find, fine the need, fill the need, close, close, close as long as people need slaespeople to sell them, Tom's systems will keep on working .........I owe him a lot, he helped my business explode, his leaving was very much a factor in my leaving, the day he left Edward Jones the music died at Edward Jones, and it's never been the same..........Tom was a Players Coach, not a set on his ass non-performer like 3 Mil and weddle Edj just keeps picking the wrong guy 

Player- Who was the right guy?

Player -

I'm a Big Bartow fan, I share his philosophies(?). Everyone can learn from this guy. And many attribute their success to him.

I was at a meeting where Bartow "presented" his sales methods to us.

I thought he was personally an arrogant rude little prick.  Maybe if he didn't come off as such an a-hole in person, his philosophy would have been more acceptable to me.   He stressed making phone calls to clients and prospects and spend no more than 20 seconds on each call.   Force a product on the call and then get off the phone if in 20 seconds they weren't going to buy. He stood over us and chanted 'close close close'.  Sorry not my style or the style of my clients.  I basically called on people that I wanted to blow up so I wouldn't waste my good prospects.

I have heard about Bartow’s rantings. The time I saw him, he was very watered down, and showed more humility than I expected. But, I still took away some good points. There are some real arrogant blowhards on the circuit, with books to sell and internet sites. They love to hear themselves talk. I find very little originality, or creativity. or real world applicability in there messages.