Jones #1 again?

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Apr 30, 2005 12:15 am

Jones is #1 place to work in....


Drum Roll please......


http://www.hawaiibusiness.cc/hb42005/default.cfm?articleid=2


Jonestown Envy, read it and weep.



Apr 30, 2005 12:19 am

Weep about what?

Apr 30, 2005 10:47 pm

Webster-  D-E-N-I-A-L-


not seeing or understanding the truth, willingness to hang on, resistant to change..... or in simple man's terms, just not very informed.

May 1, 2005 12:53 am

Oh Suzie shut up already.

May 1, 2005 2:24 pm

hey "candy" bar,


Why can't you stay on topic ....does your firm have "technology" envy along with your own "other" envy     (a little small in that department are we??? nudge nudge wink wink.... say no more!)

May 1, 2005 2:26 pm

sorry posted the above in the wrong forum.  

May 1, 2005 9:52 pm

"The appeal of this good-neighbor approach, which smells of hot dogs"


They said your approach smells of hot dogs....Aloha!



May 1, 2005 10:06 pm

"Equal parts Wall Street and Main Street, Jones reps work in one-broker offices with a single assistant, offering financial guidance to mostly small-time and, in some cases, first-time investors. (According to Kiplinger's Personal Finance, Edward Jones clients have an average income of $54,000 and a net worth of $383,000."


In other words, experimental lab rats...


http://www.hawaiibusiness.cc/hb42005/default.cfm?articleid=2

May 2, 2005 4:12 pm

I find these the criteria that is used for this article (and others)  laughable.  Please go away with this story.  It is a step up from an ad. 


Why any vet would stay at this firm just continues to amaze me.  Maybe it's the imitation wood or plastic awards that are given out in June?  I have to chuckle when I think of all the noob brokers who read this article and think what a great firm they are a part of.


The only tears I have shed have been tears of joy....from the day i have left, I've never felt better about this business and my career than I do now.


May 2, 2005 4:31 pm

"Equal parts Wall Street and Main Street, Jones reps work in one-broker offices with a single assistant, offering financial guidance to mostly small-time and, in some cases, first-time investors. (According to Kiplinger's Personal Finance, Edward Jones clients have an average income of $54,000 and a net worth of $383,000."


Sounds like the only way you could run a book of business like that is to sell 'em all 'jes three mutual funds. Keep it super simple and sell them there funds to everyone having lunch at the Subway sandwich store next to your office.

May 2, 2005 4:53 pm

Stan,


You are closer than you may think with your comment.

May 2, 2005 7:25 pm

Yes Stan, you are closer than you THINK...why don't you just run the ominous music now too, Zack. Guess what, customers like Edward Jones. I am obtaining about 15 new clients a month and guess what...they ain't broke people sitting in Subway. That is a such a ridiculous comment, it barely merits mention. The clients I am GAINING are existing brokerage clients who are fed up with the crap they've been sold, and the lack of service. Hey,news flash, the Jones idea of suburban branches WORKS. No amount of misplaced ridicule will change any of that. People like us. Ex-brokers don't. Pretty simple.

May 2, 2005 7:34 pm

bilbo,


You are constantly cracking me up.  People LOOOOOOVE Edward Jones..... especially the ones that are in on the class action suits.


Bill you still don't get it do you ?????  These new clients don't care a rats backside about your preciousss Edward Jonesss, believe it or not they are interested about Bill Fakkland.


May 2, 2005 8:07 pm

"Guess what, customers like Edward Jones. I am obtaining about 15 new clients a month and guess what...they ain't broke people sitting in Subway."


They're not living the high life either. Or, more accurately, the odds aren't as good that they are as say, people eating lunch at a private golf club. Then again, that crowd's not Jones' demographic.


"The clients I am GAINING are existing brokerage clients who are fed up with the crap they've been sold, and the lack of service. "


I have no doubt you're picking up some clients like that. The thing I wonder, since your (well, Jones', if not your) book is filled with large numbers of small accounts on a largely buy and hold basis, just what sort of service could they be getting?


"Hey,news flash, the Jones idea of suburban branches WORKS."


Given how frequently I see their offices open and close, I have my doubts about that. OTOH, I have no ill will towards you or any other Jones broker. In fact, when I see those offices close I feel bad for the reps involved.

May 2, 2005 8:27 pm

Bill,


Since you are a vet, you will tend to have larger accounts.  The typcial Jones broker with 2-3 years tenure is not working with sophisticated or HNW clients.  The AUM per broker on a firm basis at Jones is among the lowest (if not the lowest) in the industry. 


It's the product mix and the culture that is force fed that lends itself to the attracting "jones client".  As your business grows--and it sounds as if you are doing well so it has--you will begin to feel limited in what you can offer and the jones culture will wear thin when you realize that you can do better for yourself and your clients elsewhere.  


I think both you and guest1 will leave one of these days.  It may be a year or two.  Something will trigger it--I can't say what or why, but I would bet that since you have been exposed to certain truths on this forum and perhaps elsewhere, that you will someday you will begin to realize that this business is about you and YOUR clients.  You will get sick of the bs and leave.


I have a feeling I might be waiting a long time for my handwritten thank you note though. 

May 2, 2005 9:13 pm

Zacko, if I ever leave I WILL send you a green thank-you note (...if I can ever be of any service to your or your family....) AND I will even buy you a cigar at the Ritz

May 3, 2005 12:43 am
Guest1:

Zacko, if I ever leave I WILL send you a green thank-you note (...if I can ever be of any service to your or your family....) AND I will even buy you a cigar at the Ritz


spoken like a true gentleman guest1 !

May 3, 2005 9:11 am

Guest1,


AND if you decide to come to RJFS...they will pay me 2% of your first years gross as a referral fee (you will have to use my real name though as they don't know Zacko).


BTW, heard that a large office left Jones last Friday (RJFS) 180 milllion AUM if memory serves.  Somewhere in IL I think.....


May 3, 2005 1:42 pm

Nothing like pressure to perform! Did not hear about the IL office. MPC was last week, good timing with all the partners otherwise busy..

May 3, 2005 2:15 pm

They don't exactly advertise when a large office leaves. 


I do miss MPC...nothing like walking through the entire building getting cupholders and pens for a few hours to take the edge off.


Going to Nevis, Briish West Indies next week for an RJFS Leaders trip.  Yes, they have trips here too!  And, I still am taxed on them too.


I just talked to a friend of mine who left Jones about a year ago.  He had done a goodknight with his good friend and had naturally spent hours training him and getting him started (on his own time).  His GN friend left with him to come to RJFS.  Funny that Jones is now suing the GN and him also for training costs of 75k when it was he who provided the training to the GN without additional pay.  Quite a move by Jones considering how much time and the sacrifice a broker who takes in a goodknight must go through.  It didn't surprise me knowing Jones--but he is preparing a countersuit to my knowledge on the advice of his attorney.