Jones Does it Again

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Jan 25, 2007 10:10 am

Year after year Jones has always said, "we are above everyone else."  "We aren't like all the others who charge our clients for every little thing."  "If you want to leave Jones, we won't charge you for it, you have the right to move your money wherever you want to take it."  But now, with WEEdle at the helm, they charge $50.00 for transferring a regular account out.  Not that charging a fee is necessarily bad, it's just that Jones is now changing their tune again, just like telling us for years that fee-based accounts were bad, but are now looking to have their own.  Of course, theirs will be better than all of the others.

Jan 25, 2007 10:58 am

Are you independent or do you work for a different firm now?

Jan 25, 2007 12:24 pm

I am independent and am happy I left. Business has never been better and freedom is great.  There are a lot of changes coming to Jones (I still have several friends who are still EMPLOYEES of Jones), and so many of those changes involve things that Jones used to tell us were the bad things aabout other firms.  Bottom line is how can WEEdle earn more money from the profits of the company.

Jan 25, 2007 12:35 pm

How long has Weedle been there? Perhaps something the former management used to think was wrong (but the advisors wanted) is not thought of as wrong by the new management. Or, maybe they "saw the light."


Furthermore, it seems like Jones is damned if they do and damned if they don't with you. You'll criticize the hell out of them for only selling a-shares and taking advantage of up front loads, revenue sharing, etc. but then will be the first to criticize them when they open up the very option you wanted in the first place. So either they or bad because they don't have asset based fees or because they added it to their product line. Damned if they do. Damned if they don't. Such is the life on the registered rep forums.

Jan 25, 2007 1:02 pm
Nole32303:

How long has Weedle been there? Perhaps something the former management used to think was wrong (but the advisors wanted) is not thought of as wrong by the new management. Or, maybe they "saw the light."


Furthermore, it seems like Jones is damned if they do and damned if they don't with you. You'll criticize the hell out of them for only selling a-shares and taking advantage of up front loads, revenue sharing, etc. but then will be the first to criticize them when they open up the very option you wanted in the first place. So either they or bad because they don't have asset based fees or because they added it to their product line. Damned if they do. Damned if they don't. Such is the life on the registered rep forums.



That's a good point.  No matter how much Jones tries to fix some of the ills of the past, they will still get blasted.  It is funny when people criticize Jones for a fee, or for trying to make more money for  the owners, or whatever.  It's called a BUSINESS DECISION.  Regardless of what any firm, corp, small biz, etc. says - everything is a business decision.  A decision either creates more goodwill (more loyal clients), makes more money immediately, or helps to retain employees.  They are ALL business decisions.  People take everything at Jones WAY too personally.  It's just a business.  People have to get over that and stop injecting so much "personality" into the decisions Jones makes.  My guess is that many of you (not all) have never been in roles where you were the ones making those tough decisions on a grand scale (the decisions you knew might get blasted, but knew you had to do for the best interest of the company). 


Me, personally, I am impressed that Weddle has the cajones to make some of these changes that are massive shifts in philosphy for Jones.  Most companies I have observed, or been with do not have the ability to do that.  They worked many years to perfect one model - and now are acknowledging that it has flaws.  Basically, they are trying to fix the things that all of you whine about.  They won't get much credit for it, but that's OK.  They are big boys and girls.

Jan 25, 2007 1:16 pm

Nole,


Who do you work for?  Are you drinking the koolaid?  #1.  I, personally never damned them for selling A-shares with front-end loads.  You can see the advantage to the customer in many circumstances.  I left because I didn't like them keeping so much of the money that I worked so hard to make.  And, I didn't want to be an employee any longer.


Jones gets damned because in"their mind" no one is a good or as ethical as they are. Yet, bottomline is, there is just as many under-handed things happening there as anywhere.  If they want to change, that's fine, more power to them, however, maybe WEEdle should admit that some things they thought in the past might have been wrong.

Jan 25, 2007 1:35 pm
FreeFromJones:

Nole,


Who do you work for?  Are you drinking the koolaid?  #1.  I, personally never damned them for selling A-shares with front-end loads.  You can see the advantage to the customer in many circumstances.  I left because I didn't like them keeping so much of the money that I worked so hard to make.  And, I didn't want to be an employee any longer.


Jones gets damned because in"their mind" no one is a good or as ethical as they are. Yet, bottomline is, there is just as many under-handed things happening there as anywhere.  If they want to change, that's fine, more power to them, however, maybe WEEdle should admit that some things they thought in the past might have been wrong.



Currently, at my firm, I sell a-shares and wrap. So, no, I am not just drinking the kool-aid. I think wrap accounts are an extremely valuable tool for people who have certain investment preferences (most notably flexibility). ..but like a-shares it's not the correct way to do business with everybody. I think advisors who only offer their clients asset based fees or just as bad as adviors who only offer their clients front loaded funds.


WRT the "holier than thou" allegations you make, I don't know enough about that. I don't really listen to the corporate "rah rah" BS. I don't drink the kool aid. Every major company spreads the propaganda machine and claims to be the best. Even as an independent, I doubt you go around trumpeting to your clients that you suck and are a completely unethical greaseball. Why do you expect Jones to be any different?


And obviously, like any company, Jones is going to engage in questionable practices. I'd imagine that you claim to be a pretty ethical guy and I bet I could search through all of your client files and find a few things that might make me say, "WTF?" That doesn't excuse Jones from their mistakes nor does it make any "holier than thou" attitude they may or may not have any less annoying. But they're no different from you, IMO.


Bottom line: you'll criticize Jones for not having wrap accounts and you'll criticize Jones for having wrap accounts...and I think that's pretty disingenuous of you.

Jan 25, 2007 3:31 pm

Nole,


I don't think you're reading everything I'm writing.  I'm not criticizing Jones for having wraps, or not having wraps.  I'm not criticizing Jones for charging transfer fees or not charging transfer fees.  If you've never worked for Jones you also have not heard the line they feed the new IR when he or she comes to work.  I am criticizing Jones for feeding everyone a line of BS about what's bad for the customer and then changing their tune without ever coming back to say, "you know what IRs, you're not as dumb as we thought you were, and you do know something about running your business and taking care of your client.  That is why we're making these changes.  We were wrong to have not changed sooner."  That's what I'm critical about.  Are these good changes? YES!  Do you think WEEdle will ever go back and admit that the IRs who have been shouting for change are the reason these changes came about?  I doubt it!  It's just a business decision as B24 said.


As far as your allegations against me.  You don't know me and if you believe you can make judgements based on a few typed words, you probably need to go back and reevaluate the way you judge people.  I judge you based on the fact that you don't work for Jones and have never worked for Jones, so you really don't know.  A while back Spaceman Spiff wanted to know why we ex-Jonesers can't just drop it.  Well it's because in any town you go to, most Jones guys still think they are better than you simply based on the fact that they work for Jones.  And if you left Jones, you probably just couldn't cut it or you did something wrong.  Sorry I steppd in you Post Toasties and I will Post no more on this subject!

Jan 25, 2007 4:44 pm

1.) Isn't changing the policy basically saying that they were wrong? Are you so bitter and resentful that they have to some, gravel at your feet, and spell it our for you?


2.) After the way you've basically generalized all Jones brokers, I find your lesson on prejudgment to be quite funny.


3.) Based on your bitterness and obssession with Jones, it sounds more like you're the one who couldn't cut it or did something wrong.


4.) You didn't "step in my post toasties" whatever the hell that means. I am just merely pointing out your illogical obbsession with finding any reason to bash Jones.

Jan 25, 2007 5:19 pm
FreeFromJones:

A while back Spaceman Spiff wanted to know why we ex-Jonesers can't just drop it.  Well it's because in any town you go to, most Jones guys still think they are better than you simply based on the fact that they work for Jones. 



Hey, news flash...we are. 

Jan 25, 2007 5:24 pm
Spaceman Spiff:
FreeFromJones:

A while back Spaceman Spiff wanted to know why we ex-Jonesers can't just drop it.  Well it's because in any town you go to, most Jones guys still think they are better than you simply based on the fact that they work for Jones. 


Hey, news flash...we are. 




::sigh::  Oh Spiffy you just couldn't resist stirring the pot?

Jan 25, 2007 6:12 pm

Spiff,


Here's another news flash -- "You're not, nor will you ever be."

Jan 25, 2007 6:27 pm

[/quote]



Me, personally, I am impressed that Weddle has the cajones to make some of these changes that are massive shifts in philosphy for Jones.  Most companies I have observed, or been with do not have the ability to do that.  .


[/quote]



As a soon to be former Jones guy I have to agree.  Weddle seems to be making a lot of good changes.   I think Jones is headed in the right direction.  (However, it will take a long time, and until you make GP you can't share in the real profits.) 

Jan 25, 2007 6:28 pm

Quote was from Broker 24 above.  Sorry still learning the system.

Jan 25, 2007 6:30 pm

Good for you Gad...that is the part about a soon to be former Jones guy. 

Jan 26, 2007 10:02 am
USAF-Retired:

Spiff,


Here's another news flash -- "You're not, nor will you ever be."



I don't have to be the best, just better than you. 

Jan 26, 2007 10:34 am

Spaceman has once again sucked in too much ozone.

Jan 26, 2007 10:54 pm

[quote=USAF-Retired]

Spiff,



Here's another news flash -- "You're not, nor will you ever be."

[/

QUOTE]



You guys have no sense of humor.
Jan 27, 2007 10:05 am
Broker24:

[quote=USAF-Retired]

Spiff,



Here's another news flash -- "You're not, nor will you ever be."


[/
QUOTE]

You guys have no sense of humor.



Of course we do!  The entire industry laughs at Jones all the time!

Jan 27, 2007 3:45 pm

That's fine. At least my clients don't. That's all that matters.