I’m OK with it, as long as you’re willing to accept the fact that in doing so, you are by definition a blunderer.

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=Incredible Hulk] [quote=Starka] 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]

cood u splain me y i aint no gud at brokerin?[/quote]

Certainly, my benighted little friend.

You see, by keeping your customers at Jones, you are limiting their options to perhaps 20% of the investing universe.  By doing so, you're limiting their ability to a) preserve their assets, and b) increase the value of their portfolios.  Now if you're simply unaware, we can just chalk that up to stupidity, but if you're willfully ignorant of the facts, that's tantamount to negligence.

As to your next post, it's clear that I'm superior to you in many, many respects.

Anything else that I can help you with? 

Starka - you remind me of my college roommate. He would write a paper and then use the thesaurus to plug words in to make himself feel smart. I’m very impressed with your vocabulary.



Boy, I feel really dumb after reading your post. I guess I’ll go ahead and quit a couple of months before my 3 month anniversary. I AM doing my clients a disservice. Wow, thanks for opening my eyes. Maybe Broker Recruit can get me a job with a real firm.



Could you walk me through just how I have limited my clients ability to preserve their assets and increase the value of their portfolios? Use small words so I can understand please.

[quote=Incredible Hulk]Starka - you remind me of my college roommate. He would write a paper and then use the thesaurus to plug words in to make himself feel smart. I'm very impressed with your vocabulary.

Boy, I feel really dumb after reading your post. I guess I'll go ahead and quit a couple of months before my 3 month anniversary. I AM doing my clients a disservice. Wow, thanks for opening my eyes. Maybe Broker Recruit can get me a job with a real firm.

Could you walk me through just how I have limited my clients ability to preserve their assets and increase the value of their portfolios? Use small words so I can understand please.[/quote]

I just did explain it. 

Get your dictionary out and use it.

I’m kinda slow, could you walk me through what investments I don’t have that that "limit their ability to a) preserve their assets, and b) increase the value of their portfolios."



Thanks for all the help!

Sure.

To start with, tell me about your experiences so far with options.  Have you done many butterfly spreads?  Then tell me all about the trust work you've done.  How about health insurance?  Who are you appointed with?  Have you done much with untraded REITs?  How's your research department on small and mid-cap equities?  How's your portfolio analysis software?  How about your financial planning stuff?  Why do you only buy and sell bonds through the Jones inventory?  Do you have many foreign bonds in said inventory?  Although there are breakpoints on bonds in your system, why doesn't that savings get passed on to the customer?  Why does Jones insure AAA rated bonds, and pay the customer a lower coupon rate than the uninsured version of the same AAA rated bond bought and sold in the open market?  Why is Jones the only firm interested in buying these insured bonds back, albeit at a significant discount?  Who keeps the 250bp haircut on VA sales?  How does an A share annuity benefit the client?  Why are you encouraged to sell fund families such as Federated, Goldman Sachs and Hartford, when they are clearly lower-tier managers who regularly underperform their peers?  Why are your money market rates so laughably low?

That should be a good start towards your education.

Incredible - what the trick was moron was:

Drop a portion in a UIT that matures in 5, 7, 10 years - reinvest the dividend into another product.  Coming from Jones we all should discount everything you say out right - IRREGARDLESS.

Keep denying the reality it only keeps us chuckling stupid.

and let me just go one more step as I anticipate your inability to understand what I am trying to illustrate.

That 1/3 of the $ that was sent to the UIT comes due and as my old RL taught me, there's another $100k or whatever that you get to reinvest into something again with another fat commission - and NO, we were encouraged not to roll it into the new UIT issue but into something that did pay us.  And also on the reinvested dividend, another form of recurring revenue in that it would go into a fund for a little commission there too.  Given the typical 2000 client book of Jones advisors, after time that would eventually add up too.

CS, Starka,

You forgot the most laughable program of all. The mandatory CE class on ethics.

[quote=Incredible Hulk] [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.[/quote]

Did not mean to imply that the firm "hides" it from you, I was simply letting others know it is there.... I knew a 14 year Vet who did not know about it.

Okay, quiz for you then... does Jones have a Bonus Annuity Product available?  

Starka raised a valid point about A share annuities. If they are in the best interest of the client, then why, particularly in today's regulatory oversight environment, is Jones the only shop of any size to offer them? And there's another practice at Jones that also should bring some inquiries: When a client goes into a margin debit situation, Jones does not transfer $ from the cash money market to cover the debit. They charge the client interest on the debit at a much higher rate than the money market pays. I am not aware of other firms doing this, but it seems the best interest of the client is again ignored here.

[quote=midtown]

Starka raised a valid point about A share annuities. If they are in the best interest of the client, then why, particularly in today's regulatory oversight environment, is Jones the only shop of any size to offer them? And there's another practice at Jones that also should bring some inquiries: When a client goes into a margin debit situation, Jones does not transfer $ from the cash money market to cover the debit. They charge the client interest on the debit at a much higher rate than the money market pays. I am not aware of other firms doing this, but it seems the best interest of the client is again ignored here.

[/quote]

Are you saying that if I run a debit balance at Jones, but have a money market account with a positive balance, that Jones will NOT transfer money from my MM account to pay off the debit?

Will NOT do it, or is it up to the rep to request a journal entry or some other mechanical step?

Also, regarding A share annuities.  Are you saying that Jones will not allow you to sell anything else, or are you saying they push you in that direction by the way they compensate you?

Jones pushes you in that direction for A shares. Why? It is simple. They

were pro-active in defending the widespread sales of VAs, in particular

inside of IRA accounts. All of this prior to living benefits becoming a huge

selling point. Not knocking them here but it really has nothing to do for the

client’s interest.

The propoganda we always heard was that no others wanted to sell it but it was available to them.

I have to question what we are told at EDJ, whether A share annuities are always best for the client. When they first came out, they was dissension in the ranks for awhile. Now it seems its the norm. The wholesalers come into my office  lead with the DCA rates and invariably they will say, that the annual rate on the dca will cover our commission.

Truth- Forgive me, but what living benefits do you give up with an A share over the others?

You don’t give them up. That was not what I was referencing. What I was

saying is that Jones was concerned with the volume of annuities they were

selling pre- living benefit riders. They went with the A share version to

show that commissions were not the driving force behind the number of VAs

sold.

there are a very low amount of VAs sold at Jones especially in IRAs. If you want to bust people on VAs go to other companies like AMEX, AXA, NW Mutual. Bust Jones on what they are bad for, there are plenty of them, but not on annuity sales.

[quote=midtown]Starka raised a valid point about A share annuities. If they are in the best interest of the client, then why, particularly in today's regulatory oversight environment, is Jones the only shop of any size to offer them? [/quote]

You Jones haters are really reaching on this one.  If A share annuities are bad, why aren't A share mutual funds also bad?  Franklin doesn't even offer B shares anymore and most MF companies and B/Ds won't allow investments over $50k into a B share.  If you want to rip on Jones, from everything I have read, there is plenty of ammo - limited (and crappy) products, cult-like culture, awful tech, etc.  But to rip on the A share annuity, that just shows you are motivated more by spite than logic.

peanut broker, why did you bring up VAs in IRAs?