Jones #1 again

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Sep 28, 2005 9:06 am

Just took a retirement acct. away from a jones rep and scenario was small biz in a simple IRA and I questioned client about fund selection and pricing and client said jones rep explained that, " In time your cost will go down on these A shares due to quantity discount." Actually not a lie because in YEARS this would indeed occur. (Acct. contributing about 100K/yr.) But, the reall killer was when I asked the client why they held 4 (yes four) different funds from 3 (YES THREE) different fund families? Now I ask you all...(1) guess which fund families? and (2) How much did it cost this small biz owner for the trip the jones rep took? Yes, folks, jones really is #1 when it comes to scr##ing their clients. Better stop this cra# or the Revealer will getcha. (Before you ask...I am switching client to a 401K with ALL the lights and whistles, internet access, 78 choices, all for 130 bps/yr going down to 100bps @ 1MM) jones can't even offer this provider.  

Sep 28, 2005 10:02 am

And Revealer can email his clients from his office with the computer he doesn't have to pay for.

Sep 28, 2005 10:26 am

Amazing what you can do when you cut a few hundred GPs out of the equation with obscene six-figure salaries who contribute little or nothing to your success.

Sep 28, 2005 11:13 am

Revealer, unfortunately this is not limited to just Jones. I did almost the exact transfer from a local indy in a 401k ( I went NAV at less than 100 bps/yr) . There are bad apples at every firm. I also just moved over 175k in B shares from another wirehouse. It happens everywhere.

Sep 28, 2005 3:47 pm

Guest1,


WHo is doing NAV transfers?

Sep 28, 2005 5:41 pm

Zacko, I did not say NAV transfer. Those days are gone. there are several platforms out there that allow NAV purchases in a qualified plan.

Sep 28, 2005 8:41 pm

Revealer- I guess I need to start a new thread when I take a retirement account away?? Congrats to you but the rep should have his butt kicked for what happened on the account. From my vantage point, Mother Merrill seems to offend more than anyone else when you look at their accounts.....

Sep 28, 2005 8:51 pm

Revealer, would the client have been happier if everything was in Putnam before the do-do hit the rotary air handler?  Or in Federated?  Or Goldman Suchs?


Look, Lord knows I'm no fan of Edward Jones, and there's plenty to criticize about the firm.  But I hesitate to call a broker out because he put a client in more than one fund family.  (There's also plenty to criticize about mutual funds in general, but that's another story.)

Sep 28, 2005 9:32 pm

"From my vantage point, Mother Merrill seems to offend more than anyone else when you look at their accounts..... "


Are you upset because you look at the various products your firm probably cant provide? Or the stellar investment performance that surely happened, due to perfect allocation and top notch investment choices? Or are you offended when the ML client stays with their FA?


Before people get all pissy at that post let me just inform you all.... that I am fcuckin around

Sep 28, 2005 10:43 pm

Stellar investment performance from Mother Merrill?  Please define "stellar", and then I'll try to put that in a relative context.  The vast majority of ML accounts that I see (including the $3 million one that I looked at today) have severely undeperformed a basket of good mutual funds.  For instance, the account I looked at today underperformed my daughters' Capital World Growth and Income College America account by a whopping 50%.  And their Smart 529 Aggressive Portfolio by a huge margin.  I could go on, and on, and on.  Where is all of the outstanding performance that Merrill's clients are paying so freakin' dearly for?  I'll say it one more time--it's looks to me like a big dog and pony show with overrated cache.

Sep 29, 2005 9:00 am

Noggin: He DID get his butt kicked. So has jones, the firm. Start any thread you want, since you are obviously schlepping for jones with your 253 posts. Want to start one about jones putting people in Putnam 529 even when the state of residence offers an income tax benefit for the state sponsored plan? 

Sep 29, 2005 9:29 am

Sooth - Merrill does not get any more of a "whopping fee", than any other firm, so quit it!..........We are all doing 3 times the work for 1/2 the money these days.


I do know one thing.......When someone asks me who I work for, They recognize the name, and there is an heir of respect. As oppossed to a firm that has changed their name 6 times in the past 5 years, or the bank, or one of them independent firms. I loved when I was with Jones..........Hi I'm Joe Smith with Edward Jones........."Nice to meet you Ed."

Sep 29, 2005 10:27 am

Guest1,


Oh..like Vankampen...I got it.


Sep 29, 2005 11:43 am

ZAcko, no, not like Van Kampen. Multi family product (not annuity based) allowing NAV with a 500k minimum. It is not a preferred family but has over 300 dealer agreements for funds. Nice package, low fees etc..

Sep 29, 2005 7:48 pm

Revealer-Every time you make a generalization that is inaccurate I post. If that makes me a schlepper for Jones, so be it. I try to be balanced in my observations, I certainly can't say that for you. As for myself, I NEVER put anyone in the Putnam529 plan that you speak so highly of. By the way, do you agree with EVERYTHING your firm does?

Sep 29, 2005 10:50 pm

You get a "heir" of respect? Does this mean you have a descendant of

respect? Or does this mean you are a complete moron who can't spell "air".

Even worse...you thought it was the right word. Do you breathe heir too,

idiot? Do you fly in a "heirplane'? Drive to the heirport?

Sep 29, 2005 11:10 pm

There's laughter in the heir!

Sep 29, 2005 11:33 pm
Revealer:

Now I ask you all...(1) guess which fund families? 


American Funds, Van Kampen, & Putnam

Sep 30, 2005 9:29 am

Noggin: 254 posts? 254 generalizations? Almost as many GENERAL izations as GENERAL partners. Yep. I REALLY like that there putnam outfit, they done give out better'n most trips. EVERYTHING my firm does? Hardly anything that harms my clients. I ain't no clone!

Sep 30, 2005 12:20 pm

That's funny stuff Bill.  Thanks for making me laugh this Friday.  I liked hierplane!


How are things going over there in EDJ land?  I just talked to a buddy there last week who has been there 10 years now and he is hanging on by a thread.  He trains a newbe every few months it seems who lasts a few months and then is out.  He's getting pretty tired of donating so much free time.   I give him another 18 months befor he makes the move.   


I am so glad I do not work for EDJ any longer.  Having a fee based business is HEAVENLY.  Try it, you and your clients will love it.


Edward Jones is a unethical company to work for in my opinion.