New EDJ GP's coming in Dec?

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Oct 14, 2005 12:55 am

Has anyone heard the news that the firm will be offering "new GP" in December or January?  Apparently, some GP's have retired and their positions have not been filled, so the firm will be announcing these GP's very soon.  While it may be completely necessary to fill these positions, is the knighting really necessary?  Couldn't the "GP" crown be given AFTER the LP offering is completed?  Perception is reality...this strikes me as tacky....a bit like volunteers going to Timbuktoo to feed the hungry and eating filet mignon while they wait for the rice to arrive....


I don't think I misunderstood the announcement--has anyone else heard about this?  Please clarify and correct if I am stating this incorrectly.... 

Oct 14, 2005 4:33 pm

I haven't heard anything about this, but honestly I don't really
understand what the big deal is about the hold off on the LP offering.



From what I understand, they already set aside how much everyone would
get and it has been accruing interest or whater it is.  If I am
understanding correctly, the only thing that will happen once the
offering is made is you will have to cough up your 25% payment. 
To me you are making money without having to pay anything.  How is
that a bad situation?



Maybe I am misunderstanding something and if that is the case, please let me know.

Oct 14, 2005 7:19 pm

There is no misunderstanding. Zack and his fellow ex-Jones types blame

Edward Jones for the common cold, world hunger and everything in

between. They will turn over every stone to find fault with Jones...and yet,

surprisingly, we continue to prosper and flourish. It gets tired after a while,

guys.

Oct 14, 2005 7:31 pm

Bill, I expect it to continue as long as the ever-dwindling number of Jones apologists continue to defend the nefarious business practices of the firm, all the while proclaiming that Jones is the only honest and moral firm in the brokerage industry.

Oct 14, 2005 10:26 pm

Bill,


I wasn't blaming anyone for anything....just trying to see if I was understanding a statement made by a home office GP.  Do you know if my post is correct?  If it is, don't you find it a little odd?  Doug fights to keep his Mng Partner, new GP's are crowned, and we shovel them the money to fund it?  Seems a little careless to me...but I could be overreacting......wouldn't be the first time!

Oct 15, 2005 8:37 am

I have NEVER mentioned the 2 year delay on the LP offerring in any of my posts Bill.  Go back and search...i know you will.  Lp was always a non-issue with me.  Not really the carrot everyone portays it to be.


In fact, I really don't blame Jones for anything.  Their actions as a firm and the way they run their business speaks volumes.  I have merely helped others see things how they really are.  I don't lie.  It is....what it is.  It's also your firm not mine. 



Oct 15, 2005 4:23 pm

Bill Bill Bill


You are still one of the funniest posters on this forum, I'm the one that always going on about the delayed "bond in drag" as for the common cold and world hunger now Bill aren't stretching the truth just a bit there ....but you're still funny!!!


Anyword on who will replace Mr. Hill? The GP from Canada or the UK GP? 

Oct 16, 2005 5:30 pm

Notice how Bill says "we" continue to flourish?  Keep drinking the kool aid...your one of many in the collective.

Oct 17, 2005 9:40 am

Zacko-


You are so much better than to stoop to the Jonestown tragedy in relation to EDJ. 


The question of the day....


Why is it that this very magazine who has a survey of all financial firms continuously (I think it's 9 or 10 years in a row) ranks EDJ above all other full service firms?


Isolationsists (no longer called indys) say it is a conspiracy. I and probably Bill too see it as a trend.


Can't wait for the responses...


Oct 17, 2005 9:55 am
Bill Fakkland:

There is no misunderstanding. Zack and his fellow ex-Jones types blame
Edward Jones for the common cold, world hunger and everything in
between. They will turn over every stone to find fault with Jones...and yet,
surprisingly, we continue to prosper and flourish. It gets tired after a while,
guys.



BF - That's just it......Jones is NOT flourishing and prospering! 

Oct 17, 2005 12:06 pm
7yrvet:

Zacko-


You are so much better than to stoop to the Jonestown tragedy in relation to EDJ. 


The question of the day....


Why is it that this very magazine who has a survey of all financial firms continuously (I think it's 9 or 10 years in a row) ranks EDJ above all other full service firms?


Isolationsists (no longer called indys) say it is a conspiracy. I and probably Bill too see it as a trend.


Can't wait for the responses...




Here's an theory. 


Most people buy the Jones BS for 3-5years. Then they stick around for another 1-2 years untill they decide which direction to take their business(another firm, or ind.). 


For 3-5yrs almost everyone believes what they tell you.


Now, what is the average tenure of a Jones broker?


I don't know, but I'm betting its around 5 yrs give or take a couple.  That's why you guys do so well in polls.


There are lies, damn lies, and statistics. 


Jones loves to make a big deal on the net flow of accts over acat from Merrill.  I would love to see the numbers on the net flow of brokers from Jones to Merrill.

Oct 17, 2005 1:00 pm

7year,


That comment was meant more for Bill than anyone else.  He makes for a very easy target by evidence of his posts. 


As far as Jones raking #1 in RR survey...it was the brokers who ranked them--not clients or an independent authority.  There is no doubt that Jonesers love their firm.  It is very evident in they way they rank everything from technology to research. 


There are pros and cons to every working enviornment no matter where you are.  If you want to do another survey--ask the two leading indy's LPL and RJFS who by far their biggest draw is.  It's not ML or SSB.  It's a firm with far less advisors.  It's Edward Jones. 


Furthermore--talk to a few of the vets and find out what it's really like being indy.  Judge for yourself if they are truly happy.   Ask them if they could go back in time and remain at Jones and reverse their decision--would they?  Ask them why they left and you will find a wide variety of reasons--and very few will be because they "had compliance problems"   Education is a dangerous thing when you work for Edward Jones.  They do everything they can to prevent it from occurring.

Oct 17, 2005 2:58 pm

In our newsleter this month:


% change in sales force 2000-2004


ML -30%


MSDW -21%


UBS -13%


AGE -2%


AMEX -2%


SSB -1%


RJFS +16%


Jones +27%


WB +41%*


merger with Pru, little to no growth at WB


All numbers from the SIA website



This is in response to MoneyAdv comments

Oct 17, 2005 3:32 pm
Guest1:

In our newsleter this month:


% change in sales force 2000-2004


ML -30%


MSDW -21%


UBS -13%


AGE -2%


AMEX -2%


SSB -1%


RJFS +16%


Jones +27%


WB +41%*


merger with Pru, little to no growth at WB


All numbers from the SIA website



This is in response to MoneyAdv comments




I think we are all in agreement that Jones wastes a lot of money training newbies (which is an awesome training program) for the rest of the industry. It's a fact, I agree 1000 percent, Jones loves to hire people and train them. They are just not very good at running offices, and incenting their troops.


Are you telling me that because  AMEX is only down 2% in their sales force that.......they are good investment firm???? I'm not sure that the size of sales force is a good indicator of performance or respectability,.....now, market share and name recognition.....help.


Regardless of the fact that the Jones model is so ridiculously flawed, they keep on pursuing the same ineffective plan. Plain and simple, they do not put their reps in a position to win.

Oct 17, 2005 3:49 pm

No, no, no, don't tell me...


All of the ML, MSDW, & UBS brokers are going to EDJ?


 

Oct 17, 2005 6:36 pm
Guest1:

In our newsleter this month:


% change in sales force 2000-2004


ML -30%


MSDW -21%


UBS -13%


AGE -2%


AMEX -2%


SSB -1%


RJFS +16%


Jones +27%


WB +41%*


merger with Pru, little to no growth at WB


All numbers from the SIA website



This is in response to MoneyAdv comments



This is classic Jones dribble.  Jones hires thousands of brokers per year, throws them at the wall to see how many stick.  If you stick that's great. If you stick too long you are a sucker.


Jones will never publish numbers on how many brokers leave to go to other firms, like Merrill. They will only use anecdotal evidence to scare the "Greatest Salesforce" into thinking that all other firms are evil.


Guest1 heres a suggestion:


To avoid looking brainwashed in the future, please respond with information not provided to you by your firm.  The words "In our newsletter this month" add no credibility to your statement.  I would no sooner believe Jones dribble that I would something published by the Flat Earth society.  I hear their numbers are growing too.

Oct 17, 2005 6:42 pm
SonnyClips:

Hey don't forget the Smart Money Poll where Jones got numero uno and AGE got 2. I think St Louis is just better at serving customers. f**king East Coast based firms like to kick out Bateman clones that worry more about their shoes and hair than working hard.

Best,
Sonny


How hard do the non-producing GPs work?

Oct 17, 2005 7:59 pm

Hey EX, do some reading. Second line from the bottom. You have heard of the SIA, yes?

Oct 17, 2005 8:09 pm

Guest1, the larger question here is this:  Accepting your figures as gospel, how does that help you, personally, make more money?


I went indy.  I don't care how many brokers in a given year do the same.  I enjoy my career far more now than before, and that on every level.  So why would I care what choices anyone else makes?

Oct 17, 2005 8:15 pm

Starka, I am happy you enjoy your career as much as you do. I too am at a place where work is more fun than well, work. Is it all about money? I hope not at this level (mine at least).