Lies, Half-Truths & Double Speak...EDJ

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Jun 2, 2006 1:48 pm

I know of an IR at Jones who forgot to put in $100 Simple IRA contribution and then a month later remembered and put the trade in.  The client wrote a letter wanting an explanation of why it took 30 days for the money to be invested.  The IR turned the letter over to Field Supervision.  They did a thorough investigation and found out the IR "traded with discretion" because he didn't call the client before he put the $100 trade into the system. 


This IR was fined $1200 and put on Special Supervision.  Jones will not stand behind you in anyway...I have more stories such as this one that I will share...if anyone else has stories of half-truths, lies, and double speak feel free to share...

Jun 2, 2006 2:05 pm

I know of an IR at Jones who forgot to put in $100 Simple IRA contribution and then a month later remembered and put the trade in.


WOW!!!! that is big money being invested over there..... no wonder their average FA manages about 2M......

Jun 2, 2006 2:34 pm

Yeah can you believe it.  $1200 fine for a $100 trade.  Pretty big business.

Jun 2, 2006 2:40 pm

$100 ??? Woo Hoo that is MUCH more money than the $25-a monthers who came wandering into our Jones office over the years.


Then call 3 months later....My truck's getting reposessed and I need ALL of my money...Where should I send the $73 check sir?

Jun 2, 2006 2:56 pm
spikedkoolaid:

I know of an IR at Jones who forgot to put in $100 Simple IRA contribution and then a month later remembered and put the trade in.  The client wrote a letter wanting an explanation of why it took 30 days for the money to be invested.  The IR turned the letter over to Field Supervision.  They did a thorough investigation and found out the IR "traded with discretion" because he didn't call the client before he put the $100 trade into the system. 


This IR was fined $1200 and put on Special Supervision.  Jones will not stand behind you in anyway...I have more stories such as this one that I will share...if anyone else has stories of half-truths, lies, and double speak feel free to share...



It does suck, but the reality is that the IR should have called the client and fessed up before he entered the trade.  The fine is a bit much, but in reality he created the problem by not making a quick phone call....

Jun 2, 2006 3:16 pm
spikedkoolaid:

This IR was fined $1200 and put on Special Supervision.  Jones will not stand behind you in anyway...I have more stories such as this one that I will share...if anyone else has stories of half-truths, lies, and double speak feel free to share...



Was that Special Supervision or Double Secret Probation?

Jun 2, 2006 4:04 pm

Escapee...I think that means "sales prevention" had to crawl out of his a$$ everytime he needed to hit x-mit on a trade to approve it first.

Jun 2, 2006 4:09 pm

I knew a guy a while back and he was so good he was able to make eleventy kabillion dollars!!  And he DIDN'T work at EDJ!!!

Jun 3, 2006 8:25 pm
spikedkoolaid:

I know of an IR at Jones who forgot to put in $100 Simple IRA contribution and then a month later remembered and put the trade in.  The client wrote a letter wanting an explanation of why it took 30 days for the money to be invested.  The IR turned the letter over to Field Supervision.  They did a thorough investigation and found out the IR "traded with discretion" because he didn't call the client before he put the $100 trade into the system. 


This IR was fined $1200 and put on Special Supervision.  Jones will not stand behind you in anyway...I have more stories such as this one that I will share...if anyone else has stories of half-truths, lies, and double speak feel free to share...



Spiked the more you post the more I understand how you run your business. All the IR had to do was call the client and say oops and we will get this invested today and he would have avoided the whole situation. You however in something that is altogether common in todays society want to blame someone else. It all comes down to personal responsibilty, if you make a mistake own up to it....

Jun 3, 2006 9:32 pm

I agree with Noggin. 


Spikedkoolaid,


YOu are an embarassement to Edward Jones.  Get back to work.

Jun 4, 2006 2:32 am
Maxstud:

I knew a guy a while back and he was so good he was able to make eleventy kabillion dollars!!  And he DIDN'T work at EDJ!!!



Eleventy kabillion!  Excellent!

Jun 4, 2006 7:59 pm

joedabrkr


Eleventy kabillion!  Excellent!
-----------------------------------------


Gee, that's my quarterly tax payment. And with every payment, I get a "Thank You" note from President George Bush and a fruit basket from the Treasury Department (no need for Fibercon).

Jun 5, 2006 12:19 pm
noggin:
spikedkoolaid:

I know of an IR at Jones who forgot to put in $100 Simple IRA contribution and then a month later remembered and put the trade in.  The client wrote a letter wanting an explanation of why it took 30 days for the money to be invested.  The IR turned the letter over to Field Supervision.  They did a thorough investigation and found out the IR "traded with discretion" because he didn't call the client before he put the $100 trade into the system. 


This IR was fined $1200 and put on Special Supervision.  Jones will not stand behind you in anyway...I have more stories such as this one that I will share...if anyone else has stories of half-truths, lies, and double speak feel free to share...



Spiked the more you post the more I understand how you run your business. All the IR had to do was call the client and say oops and we will get this invested today and he would have avoided the whole situation. You however in something that is altogether common in todays society want to blame someone else. It all comes down to personal responsibilty, if you make a mistake own up to it....




Noggin- Here's something for you to noodle on since you work for Jones and they don't bother to teach you to actually READ what the NASD says:



A trade is DISCRETIONARY if the member choses ONE of the following:


a) Action- buy or sell


b) Asset - security


c) amount- number or dollar


If the member chooses the PRICE OR TIMING of an order, it is NOT discretionary; rather it is termed a NOT HELD order.



EDJ has no right to fine a IR for such a trade as Spiked has described under the NASD discription of discretionary- HOWEVER it is possible it is a JONES ONLY rule, in which case it should have been noted as such. AND if it is a JONES rule, then he might as well have made the check payable to his Regional Leader or the next closest 'jeep'.


There was nothing unethical about this trade if the client already knew the dollar amount and security to be purchased. AND the POINT of the story is that Jones will do as they please.

Jun 5, 2006 12:31 pm

Wow, ur right muny... that IS bad....

Jun 5, 2006 1:59 pm

Noggin,


You need to pull your head out.  This is a Segment 5 IR, who was investing $100/month into the same mutual fund as he had done the month before.  They had agreed to put it into one of the "preferreds".  This should have been a no-brainer. 


What I'm saying is this IR made a mistake and was fined $1200 because he put the $100 in a month later than it was supposed to be. 


$1200/net after his commissions.  That's brutal...

Jun 6, 2006 11:29 pm
spikedkoolaid:

Noggin,


You need to pull your head out.  This is a Segment 5 IR, who was investing $100/month into the same mutual fund as he had done the month before.  They had agreed to put it into one of the "preferreds".  This should have been a no-brainer. 


What I'm saying is this IR made a mistake and was fined $1200 because he put the $100 in a month later than it was supposed to be. 


$1200/net after his commissions.  That's brutal...



I agree that the IR made a mistake but my point was that if he was proactive rather than reactive he could have saved himself a lot of grief. No one wants to get a written complaint.... I am surprised that he didn't have the account set up to invest automatically. I think the 1200 net was directlt related to the fact of it being a written complaint.

Jun 7, 2006 7:59 am

Why is he putting $100 contributions into a SD IRA that probably only

hasa one mutual fund family in it anyway? Why not hold it at the fund

company where buys are made automatically? Because EJ pressures the IR

into only having SD accounts for an additial $30 (soon to go up) free.

$30+(5.75%X$1200)+(1.25%expX$1200)=a very expensive retirement

account. I think the client has something else to complain about...

Jun 7, 2006 8:42 am
GoodTimes:

Why is he putting $100 contributions into a SD IRA that probably only
hasa one mutual fund family in it anyway? Why not hold it at the fund
company where buys are made automatically? Because EJ pressures the IR
into only having SD accounts for an additial $30 (soon to go up) free.
$30+(5.75%X$1200)+(1.25%expX$1200)=a very expensive retirement
account. I think the client has something else to complain about...


GT


remember they (EDJ) is doing what's right for the client


and making sense of investing

Jun 7, 2006 9:21 am
jonesescapee:
GoodTimes:

Why is he putting $100 contributions into a SD IRA that probably only
hasa one mutual fund family in it anyway? Why not hold it at the fund
company where buys are made automatically? Because EJ pressures the IR
into only having SD accounts for an additial $30 (soon to go up) free.
$30+(5.75%X$1200)+(1.25%expX$1200)=a very expensive retirement
account. I think the client has something else to complain about...


GT


remember they (EDJ) is doing what's right for the client


and making sense of investing

I thought it was "Taking cents FROM investments"