Jones Fee Based

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Jun 7, 2007 10:47 am

Any word yet on what it will look like and when it will be unveiled?

Jun 7, 2007 10:58 am

As soon as Weddle gets away from the mirror and his comb.

Jun 7, 2007 10:59 am

But, on  a serious note, they are about to have summer regionals..and I assume this is when they'll roll out the new plan. They might even announce a partnership with HR Block...you just never know.

Jun 7, 2007 11:46 am
bspears:

But, on  a serious note, they are about to have summer regionals..and I assume this is when they'll roll out the new plan. They might even announce a partnership with HR Block...you just never know.



Didn't they announce it LAST summer regional?!%  (If you're wondering the answer is yes.)  I predict no details till at least 08 regionals.

Jun 7, 2007 11:56 am

Gad, could be...I skipped the summer regionals.

Jun 7, 2007 12:36 pm

I am sure it will be a big question at the regionals.  They have been talking about it for over a year now and nothing yet, so I hope they are getting close. 

Jun 7, 2007 12:46 pm

I don't remember any such announcement last year, but the RL didn't invite me back this year.  I'm shocked!!  I had my "How to survive after Edward Jones" presentation all done and was going to show "How I made more money in 5 months than I ever did at Jones" video all qued up too.  I guess it's just my loss to not see all of the great awards handed out especially the ones signifying the first $100K ney year for those guys and gals who have been out 7-10 years.  Oh, I forgot, those guys got their award last year and now work with LPL.  Well the golden shovel award is still a big crowd pleaser.

Jun 7, 2007 1:31 pm

I left my wood plaques on my desk when I left.  I left a message with a buddy of mine still at Jones, asking if they're needing a speaker I could talk about alternative investments and how to add value to a portfolio.  No callback, though...

Jun 7, 2007 1:52 pm

In our region, they used to give out a C.A.R.E. package to all the newbies that were knocking on doors...I always equated it to a participation trophy I received when I was five. 


Jones is so good at dangling the carrot and never implementing.  I believe the internet/email conversation went on for 3 years.  I know paying 40% payout on the Managed Account Fee Based Platform took 3 years.  So my guess it would be sometime in 09.


Oh, and by the way, it will be "the best, most ethical, and have the customer's interest first." 

Jun 7, 2007 2:33 pm
success:

Any word yet on what it will look like and when it will be unveiled?



The day before the SEC completely outlaws them? 

Jun 7, 2007 2:52 pm

Great conversation from you guys outside looking in.  No word on the fee based yet.  Seems like everyone just forgot about it.  My guess is the whole Merril lawsuit has put everything on the back burner.  I vividly remember Weddle telling us at the Fall regionals last year that we should expect something fee based before the end of the first quarter or early second.  Well...?


Who knows.  I heard a couple of years ago that we were going to get PDAs that would sinc w/ our systems.  Just this month we can get one of those new fangled phones with that new internet thing in it and use one of those with our systems.  We're moving at light speed now, buddy.


I expect we'll get some sort of update from our area GP at the summer regionals next week.  Until I get an email telling me it's up and running, I'm not holding my breath.  Can anyone say C shares? 

Jun 7, 2007 3:08 pm

Spiff,


Every new post from you seems to be more and more sarcastic.  Do we sense some dissatisfaction with the Green and White, or do you just like pulling our leg?  I believe you'd do great and love life more if you didn't have to attend the great summer regional meeting and receive all of those great awards.  Come to the light and be truly happy.

Jun 7, 2007 3:38 pm

You know...I think we need to pull back a little on recruiting to the indy side.  I've got 2 other LPL offices in my town and even though I can prospect to no end, the prospects see little benefit to move from one lpl to another, unless they're not getting the service.  I love spiff, but maybe he should stay for now.

Jun 7, 2007 3:38 pm

GP's want you to forget about it so they can continue raking it in through the back door.


Spiff you do sound different.

Jun 7, 2007 4:32 pm
Spaceman Spiff:

Great conversation from you guys outside looking in.  No word on the fee based yet.  Seems like everyone just forgot about it.  My guess is the whole Merril lawsuit has put everything on the back burner.  I vividly remember Weddle telling us at the Fall regionals last year that we should expect something fee based before the end of the first quarter or early second.  Well...?


Who knows.  I heard a couple of years ago that we were going to get PDAs that would sinc w/ our systems.  Just this month we can get one of those new fangled phones with that new internet thing in it and use one of those with our systems.  We're moving at light speed now, buddy.


I expect we'll get some sort of update from our area GP at the summer regionals next week.  Until I get an email telling me it's up and running, I'm not holding my breath.  Can anyone say C shares? 



Well, Spiff, at least you can poke fun at the mothership.  You mention C shares, do they still cut the payout on C shares at Jones to 35% vs A shares at 40%?  It's funny, we used to catch hell for using C shares years ago at Jones so they just cut the payout!  Now they're offering fee based???? 

Jun 7, 2007 4:37 pm
bspears:

But, on  a serious note, they are about to have summer regionals..and I assume this is when they'll roll out the new plan. They might even announce a partnership with HR Block...you just never know.


Ahhhh...the summer regionals...what fond memories!  Nothing like spending three days at the local state park in some musty room.  Hey, in our free time let's take the canoes down the river!

Jun 7, 2007 5:01 pm

Last year it rained like a SOB and then a water main broke and half of our rooms were without water.  Oh what a wonderful smell you've discovered.  It was just about 2 months after allthe fun Icould handle that I bailed.  And 2 weeks after I bailed, 3 guys who were Seg 5 bailed.  Must have been the fond summer regional memories that did us in.  B.S. help me, they're trying to take me back.  If only I could have fed my family, I would have stayed just for the R.L.'s corny jokes.

Jun 7, 2007 6:12 pm

OK, here's why I sound different.  Not a sign that I'm jumping, just the facts. 


I lost a good account this week.  Sorry, lost a good prospect this week.  Guy I doorknocked 3 years ago.  Dripped on him on and off.  Total portfolio of over $650K.  Perfect Jones client.  Mostly funds with Fidelity.  75 years old.  We've had 3 meetings in the last 3 months.  The last one he tells me he can't understand my proposal, can't figure out how much it costs, and can't see any reason why he would move to me just to buy different mutual funds.  He wants to do ETFs instead. China, Oil and Gas, Energy, and FTSE.  He read a book on them so now he's an expert. 


Three years of work and I lose out to a book.  This fee based post kind of hit a sore spot.  Part of me thinks if I had the ability to do fee based I might have had a better shot.  You want to do ETFs?  OK.  You want to do stocks?  OK.  You like your funds?  OK.  No problem.  Let's transfer it all in. 


So, there you go.  I'm not jumping.  I enjoy the regional meetings (there go the "you sound like a smart guy" references).  I don't like the start from $0 every month.  Neither do my wife and two girls.  But I'm not dissatisfied with the green and white.  The kool-aid is on rapid diffuser.  If they could just get the mixture a little sweeter I'd be a happy Joneser for the rest of my career.  



Jun 7, 2007 6:26 pm
Spaceman Spiff:

OK, here's why I sound different.  Not a sign that I'm jumping, just the facts. 


I lost a good account this week.  Sorry, lost a good prospect this week.  Guy I doorknocked 3 years ago.  Dripped on him on and off.  Total portfolio of over $650K.  Perfect Jones client.  Mostly funds with Fidelity.  75 years old.  We've had 3 meetings in the last 3 months.  The last one he tells me he can't understand my proposal, can't figure out how much it costs, and can't see any reason why he would move to me just to buy different mutual funds.  He wants to do ETFs instead. China, Oil and Gas, Energy, and FTSE.  He read a book on them so now he's an expert. 


Three years of work and I lose out to a book.  This fee based post kind of hit a sore spot.  Part of me thinks if I had the ability to do fee based I might have had a better shot.  You want to do ETFs?  OK.  You want to do stocks?  OK.  You like your funds?  OK.  No problem.  Let's transfer it all in. 


So, there you go.  I'm not jumping.  I enjoy the regional meetings (there go the "you sound like a smart guy" references).  I don't like the start from $0 every month.  Neither do my wife and two girls.  But I'm not dissatisfied with the green and white.  The kool-aid is on rapid diffuser.  If they could just get the mixture a little sweeter I'd be a happy Joneser for the rest of my career.  





SS, this is a classic case of rookie ignorance. First, you kept dripping on him. If the guy was a good prospect, he would've met with you 3 years ago. Second, you had 3 appointments with him where one should've been enough. Also, you gave him a proposal. Do your presentations on a legal pad and NEVER let anyone take anything home. Tell them that it is a TOOL that YOU will use to manage their money and that they can see it anytime they want, if they make an appointment first. Again, use a legal pad. You demonstrated that you add NO value. Here you are moving all over the place, offering MF's, ETF's or whatever HE wants, instead of insisting that you know what you're doing and if he wants you to manage his money, he will have to do things YOUR way.


If ALL you look for are people who want what you do and want it now, you're gonna find people who want what you do and will get the business now. Anything else and you're wasting your time. Take this sh*t to heart.

Jun 7, 2007 6:33 pm
Spaceman Spiff:

We've had 3 meetings in the last 3 months. 
The last one he tells me he can't understand my proposal, can't figure
out how much it costs, and can't see any reason why he would move to me
just to buy different mutual funds.  He wants to do ETFs instead.
China, Oil and Gas, Energy, and FTSE.  He read a book on them
so now he's an expert.





Spiff,



This is where the danger comes in,



What I'd do is explain that while China, Energy and the like have an
important role to play in any portfolio that faces the future. But to
get the greatest effect it's important that they be part of a greater
plan.



BTW: This is the exact reason that John Bogle doesn't like ETF's, they
appeal to traders. This guy will get hammered when the China bubble and
collapses.



Will EDJ participate on the next KayneAnderson
(or other MLP) fund? If so I'd call him when that starts going, and try
to schedule a meeting to talk about it. The MLP funds are very useful
since they convert the MLP's K-1 income into classical form 1099-Div
income.