Jd power bs

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Sep 13, 2005 9:55 am

JD POWERS, SMART  MONEY....Says who? why is Jones the only firm that does "what is right for the client" how do you measure that????? what a load of crap.


You know, I had a great 18 months at Jones. There program for training new guys, I believe is second to none. I think they have there markets where they excell. It is a difficult platform to thrive on, in other markets - like mine.


"do what's right for the client"????? There is one little thing that has always had me curious. I have a couple of Jones friends, who I know have decent assetts, but don't prospect - there is not  a lot of NEW money comming in..............How do they continue to gross 40k / month. They would not be flipping "A" shares every few years.....now would they????? Hmmmmmmmm I can't think of anything worse for the profitability of a client!!!!!!!!


Sep 13, 2005 2:58 pm

Remember...they surveyed the clients.  It's the brokers who have the relationship...and the one broker office gives more of a personal appeal that clients tend to like better than a multi-broker office with a less personalized approach.


The brokers are the ones who actually meet with the clients and keep them happy.  Jones just prints the statements and takes 60% of the gross.


Sep 13, 2005 3:49 pm

Exactly,....they surveyed the clients...........and what do clients know and understand...............n....o...t..h...i...n...g.......


It's all ball bearings nowadays!


Sep 13, 2005 9:52 pm

zacko nailed it....Jones reps do a great job of building relationships with clients, but they only offer vanilla ice cream...kind of like dairy queen.  I'd just like to offer thirty-onederful flavors every once and a while--hence, the indy look.

Sep 14, 2005 9:51 am

Many reasons to go indy.  product selection and variety is one.

Sep 21, 2005 12:40 am

Getting some of the 60% away from the GP's isn't bad either...

Sep 21, 2005 9:03 am

Everyone talks about the great advantages of being indy. How about the truth and disadvantages of being indy. What's it like prospecting and capturing clients while at the same time running a business and paying the bills?

Sep 21, 2005 9:14 am

Spend about 2-3 hrs per month on bills and payroll.  Prospecting is pretty much the same.  Being more established we work more off referrals anyway.

Sep 21, 2005 9:55 am
Player:

Getting some of the 60% away from the GP's isn't bad either...


More like 63 of 64%.

Sep 21, 2005 9:59 am

But they get those trips, and profit sharing, and that adds up to a 50-60% payout, right?  I've never seen a firm so strong at propaganda.  Sure, you get some trips, etc., but what capabilities does EDJ offer to the FA and client?  Mutual funds?  C-shares?  When a rep is only getting 30-35 bps on their asset base, where is the advantage?  Churn, churn, churn.

Sep 21, 2005 1:44 pm

I would be very interested to see a report done on Jones clients, to see trends in "reallocation". How long does the client stay in funds. Oh I know, "the average jones client holds their mutual funds for 15 years", first of all Bull. Second that 15 years = 3 years in American funds, 3 years in Lord, 3 years in Vankampen. 3years in Federated.....is this what you would expect from a firm that "does what's best fro the client"

Sep 21, 2005 3:14 pm

[quote=zacko]Spend about 2-3 hrs per month on bills and payroll.  QUOTE]


Oh come on. I don't have a bone to pick with indies, but if you're only spending 2-3 hrs a month on bills and payroll it's because you work out of your home and have no employees.

Sep 21, 2005 5:09 pm

Mike, it's all about systems.  Once the systems are in place (software, checking account, recording, etc.), three hours is actually on the high end.

Sep 21, 2005 5:24 pm

I have a tip for you, Mike.....Quickbooks.    Of course there is a learning curve to get up an running.

Sep 22, 2005 8:22 am
babbling looney:

I have a tip for you, Mike.....Quickbooks.    Of course there is a learning curve to get up an running.


Didn't you tell us you have no employees?

Sep 22, 2005 10:38 am

Yep. But I do have bills. Lots of them   I use QB for my business practice.  My husband is self employed and although he doesn't have employees either, he hires sub contractors, has more clients than I do, and has a complicated invoicing time and materials system that I run through the QB program. I get to be "his" office assistant in my spare time.  Plus we use QB for our personal income and expenses.   So I am doing 3 sets of interlocking accounting books at the same time.  Keeping track of income/expenses and especially all of the deductible items for tax purposes is really hard without this program.


It doesn't take more than a few hours a week to do all of this stuff using QB (professional version) and when we go see the tax man, everything is in good order.  Well worth it!!! If you go Indy, I highly recommend you start out from day one with a good accounting program.  Makes your life much easier.

Sep 22, 2005 10:41 am
babbling looney:

It doesn't take more than a few hours a week to do all of this stuff using QB (professional version) ...



That I can believe. A few hours a week for idies w/o employees. That's a bit different than 2-3 hours a month. 

Sep 22, 2005 2:21 pm

Depends on what you're doing and your level of expertise.  I don't have three interlocking sets of books and invoicing.  My past backgroud is as a CPA, so 2-3 hours per month in plenty for me, even if you factor a couple of employees' payroll.


BTW, Looney, QB is great for company books, but Quicken is better in my opinion for your personal finances, especially for tracking investment portfolios...just my $0.02...

Sep 22, 2005 4:29 pm

Right...I'm doing 3 sets of books at one time so it would take me much longer.  One set, using Quick Books Pro or Quicken should only be about a few hours a month.  Even with employees, payroll is a snap with the new systems that even send the required FICA, payroll taxes, etc automatically when you do the payroll.  When we did have employees in a 3rd business, a restaurant/deli, which we have (thank God) sold, I only spent one afternoon every two weeks to do those books.  (Peachtree)


Yes, I have Quicken also (a lot easier to use), but switched to QB pro just to have everything be on the the same system since we need the invoicing and job costing functions for my husband's biz and generating reports is easier.  


No matter what, though, anyone in independent business should know basic bookkeeping or have a good program.  It will save your butt when it comes to tax time. And speaking as a former loan officer, you will build a lot of credibility with the Bank when it comes time to ask for a loan.  If you keep track of the small hated details like paperwork, then it is likely that you run the rest of your business well.