My first concern is that EJ doesn't offer the full spectrum of products that Wachovia offers. Does EJ have internal email yet? I think your clients would have a tough time adjusting to the change in platforms. Second, what type of compensation are you going to get from the transition? Third, depending if you are on the captive or indy model at Wachovia, are they going to let you move assets to another firm without a fight? Lastly, what time frame are you on to retire? It might be best to team up with a younger broker at Wachovia and over a 2 year process transition your clients, but make sure you get paid.

Best of Luck,

Matt Hutnick

Business Development

GunnAllen Financial

You need to read the whole thread…this isn’t a retireing broker…he’s a retiring potential DIY who is currently a CLIENT at Wachovia.

Success-

I have never said that Jones is the only firm that embraces obvious conflicts with their business practices. Many other firms do also. But as I have said too many times before for some, it doesn't make it right.

Period. End of story.  

[quote=MHut]

Does EJ have internal email yet?

Best of Luck,

Matt Hutnick

Business Development

GunnAllen Financial

[/quote]

Hi M -Just found this out...Jones DOES have internal e-mail for home office associates and HAS since early 90's, but had to suspend it after something like 12-14 employees had to be terminated for forwarding pornographic material. http://www.essential.co.uk/Products/Mailmarshal/emailabuse_l iability.asp

It's taken them this long to come up with a way to develop a "controlled" system for employees to use. They are still in the process of rolling it out, though it is my understanding not all branches have access yet.

Doesn't matter one way or the other...I don't work there anymore...I've got e-mail. But I thought I'd throw that out there for you.

Success-

Tell us what conflicts you are referring to with LPL. Revenue sharing is clearly disclosed and not shared with the reps (although ticket charges are reduced or eliminated with those funds that participate). Is that the conflict I neglected to mention...

How in your world would that compare with owning a piece of the funds we were selling  since 1996(Hartford) and not evening telling us until they were bought out of the arrangement for 70 friggin Million at the end of last year!!

Remember, Jones doesn't offer any proprietary products. Instead they just owned a piece of a preferred mutual fund. Anyone care to ask how they made it past mutual fund marketing/Tom Miltenberger's filter? They paid their way in. Is that the ethical thing to do to the greatest sales force in the world ?

[quote=babbling looney]

If you think that investing is just about picking mutual funds, then you are very deluded (delusional might be a better choice of words).  It is just the same thing as thinking that planning a safe electric system consists of picking out pretty light fixtures.  There are a lot more considerations than that.

Burn down your house.  Hope you have insurance.

[/quote]

I do not think that investing is "just" about picking mutual funds. However, I do believe that a layman can do as good a job at picking mutual funds as a so called professional.

It seems to me that the job of deciding what individual stocks to buy is best left up to a professional, but that deciding which professional to use is not that complex a process.

There are plenty of sources that reveal fund manager's rates of return over two years, five years, ten years and so forth. As so many people on this forum have revealed it does not require a college education to read the tables presenting the performance of fund managers.

I believe it would take me no more than a few hours to review several different rating services and make notes when I see the same fund appear as highly rated again and again.

I have read about rating funds in both up and down markets and attempting to select one that outperforms in both types of markets. That makes great sense.

Once a fund has been selected I think it is not in my own best interests if I do not give that fund at least two or three years before giving up on it. What is so frustrating is the tendency of last year's hero to be this year's goat, and vice versa.

I have been fascinated by the messages you leave for each other. I suggest to you that you tone down the joy most of you have in abusing your clients.

This is a public forum and I am sure I am not the only investor to have found it.

Securities regulators read this message board, too.

Client abuse is not cool at all and many have been spanked severely for doing it.

Jones Concerns

Has the guy at church used the "hamburger" on you yet?

[quote=jonesescapee]

Jones Concerns

Has the guy at church used the "hamburger" on you yet?

[/quote]

LOL

Or has he used "own and loan"

[quote=Jones Concerns]...I do believe that a layman can do as good a job at picking mutual funds as a so called professional.[/quote] Well, in general, I don't.  As has been said many times, it's much more than that, and there's much more out there than mutual funds.  There are some poor investment managers that masquerade as professionals, but you'll be hard pressed to do as well as a good investment advisor.  Sure, you may be able to do well for yourself, but many have gone before you and many have failed when they thought that they could do it as well as a professional.  I'm not recommending that you continue using a professional...far from it.  I'm telling you that I don't believe you have a sufficient level of respect for the job at hand.  I've been at it for seventeen years and I still find it very challenging to consistently beat the benchmarks and you sound like me about sixteen years ago.

If you're looking for us to bless your investment strategy, keep looking.  We can't give you investment advice on this forum, but even if we could, I wouldn't...not after you come here asking for free advice and then insult us as a profession after we've graciously done so.  I wouldn't wish you on Bob unless I didn't like him, but you should do him a favor and tell him he's wasting his time.  Good luck...you're on your own as far as I'm concerned.

This entire post/thread has been a farce (IMO).  Unbelievable.  This "client" doesn't exist and is someone who is having some fun at our expense.  I've thought this for weeks' but have waited to respond until now.

Can you say "piker"? If even that.  Even IF this person invested, I'd tell him to have a minimum of 500k on deposit at my firm before I'd give him any advice whatsoever. Period.

NEVER sell yourself short.  Let the pikers & DIY's read MM and all the other "publications." They can have em'. As the saying goes- "You get what you pay for" & "Price, quality & service- pick any two."

Put this thread to rest....

why would you go from a major  wirehouse  like Wachovia to Ed Jones where they predominantly have mutual funds and annuities. If you don’t like your broker, change him, but stay with someone who has real capabilities and not just a zillion accounts that do mutual funds!

why would you go from a major wirehouse like Wachovia to Ed Jones where they predominantly have mutual funds and annuities. If you don’t like your broker, change him, but stay with someone who has real capabilities and not just a zillion accounts that do mutual funds!

Hulk, you’ve got the wrong guy…this is a brand new profile and if you look at this person’s other posts , he/she is obviously a shill for Wachovia.  I wouldn’t take any anti-jones posts too seriously from a person who bashes everyone except Wachovia.

Jones Concerns,



After reading six pages of “advice”, banter and incomplete sentences, we

really don’t know too much about your situation to let you know if Jones,

a wirehouse, or an online account that you direct is most appropriate.

Each major company tends to be very good at servicing a particular type

of client. I have referred individuals to an online account if they seem to

grasp the most important fundamentals of investing and have the time to

research on their own. If you have read this many rantings about Jones,

you may fall into that category…

Edward Jones is a great fit for a certain type of client and your larger

wirehouses ie Smith Barney or Merrill Lynch WILL be a better fit for larger

accounts. This is not mean or dissenting. It would be like asking Ford

Motor to build you a rocket to go to the moon. Edward Jones simply

doesn’t have the training, hiring or technology to “wealth manage” in a

cost effective, tax effective manner, which you may or may not need.

If I were in your shoes today, I would “spill it” to about 3 different brokers.

Your Ed Jones buddy, www.fool.com (a legitimate website for do it

yourselfers), and feel free to always shoot me an e-mail.