Jones vs?

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Jul 4, 2005 9:05 am

Why is Jones constantly compared to being independent rather than to other firms on this forum? I don't recall other brokerages disparaged as having lower payouts, etc than independent rep's can achieve. Why not criticize Merrill Lynch, Morgan Stanley, Smith Barney, etc for their lower payouts? It seems more appropriate to compare Jones with those firms, or at least that should be a part of the discussion.


Also, it has been suggested here many times that experienced Jones brokers should and often will move from the firm when the outside benefits are better understood, but in fact voluntary attrition substantially decreases with success and time at Jones. So the people who are successful there like it and stay. I have no reason to think they haven't intelligently considered the issues.

Jul 4, 2005 2:16 pm

I would love to hear feedback on this. I am at a bank and am entertaining the idea of moving to a broker. The format of Jones sounds interesting, but the amount of negative posts here seems very high in comparison to other shops???

Jul 5, 2005 9:57 am

From what I've seen as a recruiter, the firm uses a lot of (for lack of a better term) propaganda.  I received an email from a Jones IR that said moving indy would net you less pay as well as a wire.  In some regards, this may be true - it's true everywhere.  However, this was assuming the industry averages in expenses, payouts, etc.  A move from EDJ to ML or SSB will allow you to grow your book in ways that EDJ could not.  Plus, both wire and indy will allow you to grow a signifiacant fee-based business vs. EDJ. 

Jul 5, 2005 10:03 am

the firm uses a lot of (for lack of a better term) propaganda





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you hit the nail on the head on this one......half truths would be another good word for what goes on there...

Jul 5, 2005 11:47 am

Why is Jones constantly compared to being independent rather than to other firms on this forum? I don't recall other brokerages disparaged as having lower payouts, etc than independent rep's can achieve. Why not criticize Merrill Lynch, Morgan Stanley, Smith Barney, etc for their lower payouts? It seems more appropriate to compare Jones with those firms, or at least that should be a part of the discussion


Because the firm holds itself out to be something that it is NOT.  With Merrill etc, you know exactly where you stand: an employee of the firm. Meanwhile, Jones appeals to a certain personality or mindset: those who want to be entrepeneurs, their own bosses, manage their own business. When you find out that you have been bamboozled, you get pissed (if you have the brainpower to figure it out) and get out (if you have the gumption or in the case of you guys the balls).


This plus the half truths you are fed before becoming a Jones rep that you find out about when it is too late, creates the biggest part of the animus.   Being independent isn't for everybody and I'm sure there are many higher level producers who are more than satisfied to be a cog in a big machine.  Nothing wrong with that.  Being led to believe that you are getting cake and then getting the crumbs, well that is wrong.

Jul 5, 2005 11:54 am

I will say "Amen" to the propaganda comment.  Jones just put an IR in a super small market.  One IR already tried to make it there.  The person worked the "formula" and got some accounts, but the amount of business there is not enough to support an office.  RL embellishes situation, blamed other IR and told new person a bunch of BS.

Jul 5, 2005 12:28 pm

Has anyone seen the materials they sent out entitled "Is the Grass Really Greener"?  I was blown away by how inferior they made all of the other firms sound compared to Jones.  They were almost saying that you won't make it, you won't be successful, you can't earn a good living, much less, be wealthy unless you're working for us.

Jul 5, 2005 1:34 pm

Has anyone seen the materials they sent out entitled "Is the Grass Really Greener"?



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I don't remember seeing this....what did it say? what is their explanation for why they had to send it out?

Jul 5, 2005 3:09 pm

I never saw it.  And, to answer your question...Jones SHOULDN't be compared to indy...because there is simply no comparison.  Jones loses in every single comparison.  The more side by side and accurate comparison should be made versus wirehouse and regional firms.


Jul 5, 2005 3:43 pm

Zacko, that was Vegas original comment. But like everything else on this board, the tangents started to fly..



Grass is Greener I saw at our meeting was pretty straightforward. Did NOT say Jones is the best place to be, only if it is what you are looking for. Also, made the comparison to wirehouses and only mentioned INDY as a whole different angle. I thought our RL was pretty straight about it all.

Jul 5, 2005 4:12 pm

From what I was told, it was a response to many IRs leaving the firm.  They said that they felt it was put out to show that EDJ has better earning potential than wires/indy.


And, unless I misread, I thought they did a side-by-side earnings comparison for EDJ vs. wires and indy.

Jul 5, 2005 4:30 pm

His original question was WHY is Jones being compared to independents instead of the wirehouses. 


The answer is because they try to mislead the newbies and transfers into the idea that you will be an independent when it just isn't so.


From their website:


Independence to run your day and your office the way you see fit Exceptional operational support

Ranked No.1 for 12 consecutive years in Registered Representative's Brokerage Report Card

Your own branch office and full-time assistant, paid by Edward Jones

Freedom to run your own branch office;

No proprietary products; you decide which investments best suit your clients' needs

Most (most not all they have voted themselves number one in the RR survey, but that is because people like Zacko and myself have left and don't get to vote) of the above are if not partially incorrect are outright lies.  If they want to claim that they are an orange, don't expect us to compare them to apples.

Jul 5, 2005 8:38 pm
BrokerRecruit:

From what I've seen as a recruiter, the firm uses a lot of (for lack of a better term) propaganda.  I received an email from a Jones IR that said moving indy would net you less pay as well as a wire.  In some regards, this may be true - it's true everywhere.  However, this was assuming the industry averages in expenses, payouts, etc.  A move from EDJ to ML or SSB will allow you to grow your book in ways that EDJ could not.  Plus, both wire and indy will allow you to grow a signifiacant fee-based business vs. EDJ. 



So at Jones you can't do fee based accounts????

Jul 5, 2005 8:39 pm

giff74,


did you go to school on the "short bus"?

Jul 6, 2005 3:52 pm

Guest1,


That's too funny...selling the reps on why they should stay?  Change their compensation structure and the product offerrings and the way they treat their vets would be a start!


I was hoping they would invite me back so I could do a presentation on going indy versus staying at Jones.  I guess I didn't even make the short list on that one.


Jul 6, 2005 5:12 pm

Why don't you guys just run your business and shut up? Why the constant need to denigrate everyone else? Are you THAT insecure? We kinda get the message.

Jul 6, 2005 7:37 pm
Bill Fakkland:

Why don't you guys just run your business and shut up? Why the constant need to denigrate everyone else? Are you THAT insecure? We kinda get the message.


Do you really care, Bill?  I don't.

Jul 6, 2005 9:07 pm
zacko:

I was hoping they would invite me back so I could do a presentation on going indy versus staying at Jones.  I guess I didn't even make the short list on that one.



That would be funny. 

Jul 7, 2005 12:26 am

Nope, sorry..

Jul 7, 2005 8:58 am

Bill,


Will you please go sell some A share American funds, 30 year muni's and take an early lunch already!