Jones Secrets Revealed, Part IV
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Over the next two weeks I will be posting Jones secrets that they do not tell J.D. Power, they don't tell Fortune magazine.
1) In order to avoid the aggegration rule on fixed income investments an IR puts $100,000 into a 3pt 30 year bond and then puts $100,000 into the secondary fixed income UIT's paying 4 to 4.5. Then you put $85,000 into LBNDX no $50k breakpoint net 4. Total payout on $285,000 would be close to 4%. $11,400 gross, $4560 net minus 1% for the National Advertising program. $4104 net! That's the way I was taught to diversify at Jones from my mentor!
[quote=spikedkoolaid]
... minus 1% for the National Advertising program. [/quote]
Ugh, you mean the FAs have to pay for those pathetic ads? wow...
Yes Mike....my life, my world, it all begins with a dream.....urrp. Just threw up a little in my mouth.
At least now, they have funnier ads. Better than the my life, my world crap.
If you sell a fixed annuity you don't have to look at the Jones' Reccommended vi,31333. Different companies offer different commissions for fixed products. For example, AIG may be offering a 4% commission even though their rate is lower than the Hartford product only offering 2% commission. You have to delve into the fine print in order to find these gems. Jones doesn't want you to find out that certain companies are offering a higher commission for the same products.
Spiked - you are the type of broker that when leaving, the remaining IRs say “he was a compliance issue” You are a joke, and if only your clients could find out whose pocket you were looking out for.
[quote=Incredible Hulk]Spiked - you are the type of broker that when leaving, the remaining IRs say "he was a compliance issue" You are a joke, and if only your clients could find out whose pocket you were looking out for.[/quote]
And just whose pocket are you looking out for? Did you get into the brokerage business to wear a hair shirt and do good works for the poor? Do you put your earnings into the EDJ poor box and preach the gospel according to St. Louis?
[quote=Philo Kvetch]
[quote=Incredible Hulk]Spiked - you are the type of broker that when leaving, the remaining IRs say "he was a compliance issue" You are a joke, and if only your clients could find out whose pocket you were looking out for.[/quote]
And just whose pocket are you looking out for? Did you get into the brokerage business to wear a hair shirt and do good works for the poor? Do you put your earnings into the EDJ poor box and preach the gospel according to St. Louis?
[/quote]
Spiked-
You have been very bad... you will now recite 3 Our Bachmann's, and 4 Hail Weddle's....
(Borrowed this from Devoted....)
P.S. On the annuity stuff they don't tell you.... AIG also has a "C" share annuity with a minimum guarantee. No upfront, no surrender fees... if the Market Value doesn't go up, death benefit still pays 3% compound interest. Up to age 90! They call it the 'super CD".
Spiked - nice story. I love how incredible comes out to say it was just you - that's a surprise. Here's another incredible: THIS WAS THE SAME TYPE OF TRICK my RL taught me when I was at Jones; his way of building recurring revenue.
Doing what's right for the client - it's crap like this that causes us formers to be so bitter at Jones but on cloud 9 as independent.
[quote=Philo Kvetch]
And just whose pocket are you looking out for? Did you get into the brokerage business to wear a hair shirt and do good works for the poor? Do you put your earnings into the EDJ poor box and preach the gospel according to St. Louis?
[/quote]
Philo you crack me up. But WHAT'S a hair shirt? Would
Me too, this is some good schidt.... Hey, thanks to a big mouth RL/GP in your area, Jones is already ponying up to the table with a couple of fat checks... why not make it three?
Now, see- you guys know how to use the internet, bring on e-mail!
[quote=Philo Kvetch]
[quote=Incredible Hulk]Spiked - you are the type of broker that when leaving, the remaining IRs say “he was a compliance issue” You are a joke, and if only your clients could find out whose pocket you were looking out for.[/quote]
And just whose pocket are you looking out for? Did you get into the brokerage business to wear a hair shirt and do good works for the poor? Do you put your earnings into the EDJ poor box and preach the gospel according to St. Louis?
[/quote]I do what’s right for my client, irregardless of the payout to me. Period.
[quote=munytalks] [quote=Philo Kvetch]
[quote=Incredible Hulk]Spiked - you are the type of broker that when leaving, the remaining IRs say “he was a compliance issue” You are a joke, and if only your clients could find out whose pocket you were looking out for.[/quote]
And just whose pocket are you looking out for? Did you get into the brokerage business to wear a hair shirt and do good works for the poor? Do you put your earnings into the EDJ poor box and preach the gospel according to St. Louis?
[/quote]
Spiked-
You have been very bad… you will now recite 3 Our Bachmann’s, and 4 Hail Weddle’s…
(Borrowed this from Devoted…)
P.S. On the annuity stuff they don’t tell you… AIG also has a “C” share annuity with a minimum guarantee. No upfront, no surrender fees… if the Market Value doesn’t go up, death benefit still pays 3% compound interest. Up to age 90! They call it the 'super CD".
[/quote]If a Jones broker doesn’t know about this annuity, it is their fault. It has nothing to do with hiding it from us. I have a number of these on the books. BTW there is a 1% CDSC on that for a year.
THIS WAS THE SAME TYPE OF TRICK my RL taught me when I was at Jones; his way of building recurring revenue.
Exactly where is the recurring revenue in 30 year bonds and Long term UITs? When you make ridiculous remarks like this, I discount everything else you say.
How about spelling his last name by starting future posts with the next
letter in his name. I’d love to look up his U-4.
Incredible, if you truly wanted to do what’s right by your clients, you’d send them to a broker who knew what he or she was doing. (In the event that you miss the subtlety, that ain’t you.)
[quote=Philo Kvetch]
Irregardless is a word that many mistakenly believe to be correct usage in formal style, when in fact it is used chiefly in nonstandard speech or casual writing. Coined in the United States in the early 20th century, it has met with a blizzard of condemnation for being an improper yoking of irrespective and regardless and for the logical absurdity of combining the negative ir– prefix and –less suffix in a single term. Although one might reasonably argue that it is no different from words with redundant affixes like debone and unravel, it has been considered a blunder for decades and will probably continue to be so.
The American Heritage® Dictionary of the English Language, Fourth Edition. Copyright © 2000 by Houghton Mifflin Company. Published by the Houghton Mifflin Company. All rights reserved. [/quote]
I would consider this casual writing. Unless you’re grading me.
Incredible, if you truly wanted to do what’s right by your clients, you’d send them to a broker who knew what he or she was doing. (In the event that you miss the subtlety, that ain’t you.)
cood u splain me y i aint no gud at brokerin?