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Nov 7, 2005 9:02 pm

So, are you a wirehouse recruiter?  Or, do you work for Jones in STL?

Nov 8, 2005 12:44 am

Kool-Aid Chugger, I believe.

Nov 8, 2005 12:18 pm

There are plusses and minuses each way, and there's nothing wrong with
getting info out there so people can make their own decisions.



I'm not sure about Vega, but I AM a wirehouse recruiter. 
(Actually, a headhunter that works with several wirehouses).  And
I'm not ashamed to say that the wirehouse environment is not for
everybody.  Just as I hope you'll agree that going independent is
not for everybody.



Every firm (whether wirehouse or independent) has its own style. 
Half of the battle in this business is finding an environment that
supports your style and your customers' needs.




Nov 8, 2005 9:53 pm

No need for the attitude. The information is relevant, if you disagree with it then explain why.

Nov 8, 2005 11:24 pm

That 50-55% payout crap could have been written by a Jones GP.  It's not even close to my payout, nor the payouts of every independent I've ever discussed the subject with.  I don't know what that guy was smoking, but those overhead numbers are completely ridiculous for my area.  I noticed later in the article that a guy producing 1.2 mil had only $200 K expenses...that's not even close to 35-42% expenses quoted.


Sure indy is not for everyone, but I think it's pretty easy to prove that a substantially better net is certainly one plus.  Absolutely, you'll have to do more for yourself, but that comes with the territory, and I think I am well compensated for that.


Now, how about coming up with several articles about how crappy it is to work at Jones?  That's relevant too.

Nov 9, 2005 10:12 am

I haven't seen any negative press on Jones, except here (though strictly speaking, this isn't 'press'). I'll be happy to read articles supporting a higher independent net, or on any other relevant subject.

Nov 9, 2005 10:29 am

vega74,


I guess you, like the EJ clients don't read the WSJ (like 3mill hill stated).  You know the ones that uwec provided the info for????

Nov 9, 2005 10:34 am

vega74,


Also you forgot to add that your employer paid $72 million and your mp paid $3 mill and was forced to step down.  funny how you forgot to mention that part? or how your hometown press recommended that 3 mill hill NOT be permitted to come back as the MP and then a few days latter Weddle gets the nod????


Also in none of the articles you posted, was your employer mentioned why is that?  How come you never hear of a "big producer" going from a USB/ML/RJ/SSB to your firm?  Funny how that is too?

Nov 9, 2005 12:46 pm

Dear forum posters. I regret that we had to eliminate the top post on this thread, because we can't allow our website to act as an advertisement for a competitor. We have a friendly competition, but that just takes it a little too far.


If you would like to see a number of articles on independents at Registered Rep., however, here are a series of URLs, the top three from our most recent issue:


http://registeredrep.com/mag/financegoing/


http://registeredrep.com/mag/financecreating_escape_plan/


http://registeredrep.com/mag/financecrusade_against_indies/


And many more from past issues of the magazine:


http://registeredrep.com/mag/financewhy_reps_getting/index. html<?:namespace prefix = o ns = "urn:schemas-microsoft-com:office:office" />


http://registeredrep.com/mag/financecrunch_time_independent s/index.html


http://registeredrep.com/mag/financecustomize_career/index. html


http://registeredrep.com/mag/financecutting_edge/index.html


http://registeredrep.com/mag/financeindependent_thinker/ind ex.html


http://registeredrep.com/mag/financeindie_existentialism/in dex.html


http://registeredrep.com/mag/financemeasure_independence/in dex.html


http://registeredrep.com/mag/financenot_boss/index.html


http://registeredrep.com/mag/financeamong_indies_lpl/index. html


Best,


Kristen French


Senior Editor


Registered Rep.

Nov 9, 2005 2:12 pm

Kristen,


That's ridiculous!  So If I post an article that appears in a competitive publication for the points of discussion--you will remove it?


Truth is that no one cares what publication an article appears in.  We all get the mags for free in our offices and read them in print.  What difference does it make?  No one here cares or even pays attention to what particluar publication an article appears in. Really?  If you have done anything at all here it was draw attention to your competitor by responding like you did.


Nov 9, 2005 9:41 pm

"Now, how about coming up with several articles about how crappy it is to work at Jones? "


This was the question I responded to, asking for articles on it.


I don't have a problem with revenue sharing, and two of my removed links referenced 21 other brokerages which also had to settle (and of course American Funds is refusing to settle because they feel they have not done wrong in revenue sharing). LPL was one of the firms settling. I haven't had a client yet who had a problem with it after I verbally disclosed it, in addition to the written disclosure in the prospectus.


I not trying to change any of the posters minds as those are already made up, but thought the information was useful for people looking for better information on important career decisions. Anonymous postings from bitter former employees doesn't seem like the best sole source of information. But since I cannot post it (no problem with that either Kristen as we all have to make a living), I think I'll move on. Best wishes to all of you. I hope we all do good work for our clients.

Nov 10, 2005 12:52 am
zacko:

Kristen,


That's ridiculous!  So If I post an article that appears in a competitive publication for the points of discussion--you will remove it?


Truth is that no one cares what publication an article appears in.  We all get the mags for free in our offices and read them in print.  What difference does it make?  No one here cares or even pays attention to what particluar publication an article appears in. Really?  If you have done anything at all here it was draw attention to your competitor by responding like you did.




True dat Zack True Dat!


Censorship lives on the RR boards!  Thanks Kristen for showing us your true colors!

Nov 10, 2005 8:32 am

vega...go knock on some doors or talk to your goodknight and ask for another handout.

Nov 10, 2005 1:55 pm
vega74:

"Now, how about coming up with several articles about how crappy it is to work at Jones? "


This was the question I responded to, asking for articles on it.


I don't have a problem with revenue sharing, and two of my removed links referenced 21 other brokerages which also had to settle (and of course American Funds is refusing to settle because they feel they have not done wrong in revenue sharing). LPL was one of the firms settling. I haven't had a client yet who had a problem with it after I verbally disclosed it, in addition to the written disclosure in the prospectus.



Not all rev sharing is the same.  I looked at a recent Hartford fund prospectus.  The page on rev sharing is spit in two.  One half talks about all the firms they have agreements with excepte EDJ...the other half talks just about their agreement with Jones.


I'm referring to page 165 of the March '05 prospectus for all funds.  They just seem to be doing alot of extra explaining about the Jones agreement.  Also, I did not notice a company who's fine came close to Jones' either nominally or relatively.

Nov 10, 2005 2:00 pm
vega74:

I don't have a problem with revenue sharing, and two of my removed links referenced 21 other brokerages which also had to settle (and of course American Funds is refusing to settle because they feel they have not done wrong in revenue sharing). LPL was one of the firms settling. I haven't had a client yet who had a problem with it after I verbally disclosed it, in addition to the written disclosure in the prospectus.


I


Vega,


You're an idiot.

Nov 10, 2005 6:30 pm

Funny thing about anonymous posting sites: it seems to facilitate the ugly side of people, and there is no accountability for what is expressed. That's why I think Vega was on the right track in posting links to published information on the topics under discussion. An analogy for the ugly aspect can be seen in that (most) people wouldn't think of yelling at someone standing in the way of the orange juice in the grocery aisle, but don't hesitate to go ballistic behind the wheel of a car.


Another interesting aspect of the site is that people can register under more than one screen name, and use that to support themselves (or criticize themselves if they have personality issues).

Nov 11, 2005 9:31 am

Butkus=Vega

Nov 11, 2005 11:29 am

Buttkiss,


Vega was posting selected mostly anti-indy, anti-everything-but Jones articles.  If vega had posted some of the bad press that Jones has recently received, vega would have had more credibility...and to say that he/she hadn't seen any negative press on jones...come on...


Also, much of the stuff in the articles is opinion just like what is posted on this forum, so to imply that it as more credible or even fact is just wrong.  The overhead numbers in the indy article originally posted were not at all representative of my experience, nor the experience of any of the indys that I am familiar with.  Needless to say, I take everything, both here and in the various free mags I get at work, with a grain of salt.  There is plenty of opinion out there, some I agree with and some that I don't.  Fact is intermingled with opinion and sometimes opinion gets the same weight as fact.  A B/D getting fined is fact.  Whether or not is is deserved is opinion...let's not confuse the two.  At times, there is more fact on this forum that there is in many of the free mag articles I read.


One more observation before I close this post...whether or not they are all objective and/or right, there seems to be a lot of former Jonesers and currently unhappy Jonesers posting this forum.  If Jones is doing well and is the best place to be, where are all the unhappy and former Merrill, SSB, LPL, Raymond James, AG Edwards, etc. employees?  Sure, you may see a few here and there, but my observation is that Jones has a disproportionately high number of dissatisfied and former employees, so posting articles that shed a negative light on just about everybody except Jones doesn't appear to be representative of what's really happening in the industry.

Nov 11, 2005 11:58 am
zacko:

Butkus=Vega


Butkus=Idiot

Nov 11, 2005 3:59 pm
vega74:

"Now, how about coming up with several articles about how crappy it is to work at Jones? "


This was the question I responded to, asking for articles on it.



Why don't you read your hometown paper.  It is most likely that you are a Jones home office shill sent here to stem the tide of brokers leaving the greatest salesforce. 


The St Louis paper that recommended 3'mil be shown the door should suffice as neg. jones crap.


Go back to your cubicle.  Call some more of my old clients and tell some lies about me.  Idiot.


I love the calls I get from the clients I left behind.  Q. Why does "loser broker" want me to buy 50 shares of Dell?


Because he has nothing better to do than call you to invest your $1500 bucks.  Just like he's calling all the other $5000 dollar clients that occupy my old office.  He needs his 50, I mean 20 bucks of commission to pay for his plane ticket home over christmas.  You see loser broker isn't really from St. Louis he was just sent there for remedial training, and selling you 50 shares of anything is just that.


Idiot.