Questions for EJ guys
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[quote=Borker Boy]We just had a firm-wide promo to “inform” FAs they could move their 529s to John Hanc*** at NAV and receive a 1% upfront pop.
I rest assured every night that it was done purely for the benefit of our clients. [/quote] So your 529 class A shares that you paid 5.75% to buy, we're now able to put them in a much better fund family at no cost to you. Oh and by the way for my trouble of moving you out of American Funds/Putnam Funds/etc. I will be getting a 1% commission to put you into this much better fund family.Wow, I worked for EDJ for 16 years and it was never as bad firm as you make it out to be. I left when Doug Hill took the reigns and you have to admit it that EDJ under Weddle is in much better shape than when Hill left it. I left for family reasons and the ability to offer my clients managed money. Every firm has its good points and bad points. No one is Satan except maybe for Prudential Securities!!
I’ll speak for Spiff here…
"Borker you SOB, quit bringing up the past. Why bring up this bogus stuff from yesterday...its today already. The past is the past....what bad stuff has come out today...huh borker. You got nothin'..."[quote=Borker Boy]We just had a firm-wide promo to “inform” FAs they could move their 529s to John Hanc*** at NAV and receive a 1% upfront pop.
I rest assured every night that it was done purely for the benefit of our clients. [/quote] Yes, it's so horrible for EDJ to tell us we can move to a better product at NAV AND get paid to make the move. If we just had a firm wide promo on that it was the worst advertised one of my entire career. I didn't even know John Hanc*** had an NAV program like Hartford. And the only reason I knew Hartford had one was because my wholesaler told me. I may have to look at that JH 529 plan a little more. Thanks for the heads up.[quote=bspears]I’ll speak for Spiff here…
"Borker you SOB, quit bringing up the past. Why bring up this bogus stuff from yesterday...its today already. The past is the past....what bad stuff has come out today...huh borker. You got nothin'..."[/quote] That was pretty close. You missed "Borker, why don't you just go ahead and leave. Save my LP some $$."[quote=Borker Boy] We just had a firm-wide promo to “inform” FAs they could move their 529s to John Hanc*** at NAV and receive a 1% upfront pop.
I rest assured every night that it was done purely for the benefit of our clients. [/quote]
I didn’t even know that… Where was the promo? That sounds like a good product to sell. I like John Hand-c*** and there annuities. What’s your so called ‘beef’ with them… You should sell some annuities. There good products.
[quote=Spaceman Spiff][quote=Borker Boy]We just had a firm-wide promo to “inform” FAs they could move their 529s to John Hanc*** at NAV and receive a 1% upfront pop.
I rest assured every night that it was done purely for the benefit of our clients. [/quote] Yes, it's so horrible for EDJ to tell us we can move to a better product at NAV AND get paid to make the move. [/quote] Just wait until one of your analytical clients reads this on their prospectus and gives you a phone call. Then you'll see where the issue lies.[quote=Spaceman Spiff][quote=Borker Boy]We just had a firm-wide promo to “inform” FAs they could move their 529s to John Hanc*** at NAV and receive a 1% upfront pop.
I rest assured every night that it was done purely for the benefit of our clients. [/quote] Yes, it's so horrible for EDJ to tell us we can move to a better product at NAV AND get paid to make the move. If we just had a firm wide promo on that it was the worst advertised one of my entire career. I didn't even know John Hanc*** had an NAV program like Hartford. And the only reason I knew Hartford had one was because my wholesaler told me. I may have to look at that JH 529 plan a little more. Thanks for the heads up. [/quote] Spiff I know you have been getting pounded and sorry to pile on, but come on, you actually think John Hanc*** offers a better 529 product then what is currently offered? Just say it for what it is, a churning opportunity for FA's.[quote=3rdyrp2] [quote=Spaceman Spiff][quote=Borker Boy]We just had a firm-wide promo to “inform” FAs they could move their 529s to John Hanc*** at NAV and receive a 1% upfront pop.
I rest assured every night that it was done purely for the benefit of our clients. [/quote]
Yes, it’s so horrible for EDJ to tell us we can move to a better product at NAV AND get paid to make the move. [/quote]
Just wait until one of your analytical clients reads this on their prospectus and gives you a phone call. Then you’ll see where the issue lies.[/quote]
Or better yet, you can do like I do and disclose it at time of sale… Always better to be upfront with your clients… That was it doens’t come back around to bite you. Also it makes them happier clients and so you get more referrals and more of their serious money.
God I love my job!
Miss J
You will actually tell your clients that it will cost them nothing and you will make 1% on the transaction.
How will this be justified? "Look at this hypothetical of the funds that I cherrypicked from the new company to show better results than what you had in the old fund company." This is why we should change.Don’t you have Missouri 529’s?? Or, maybe, they don’t offer revenue sharing or you might get kicked to the side if you try to use the one with a tax benefit for your clients.
Ok Miss Jones…John hand-c*** and beef in the same post. Hmmm…do you do any freelance mentoring?
[quote=Ron 14][quote=Spaceman Spiff][quote=Borker Boy]We just had a firm-wide promo to “inform” FAs they could move their 529s to John Hanc*** at NAV and receive a 1% upfront pop.
I rest assured every night that it was done purely for the benefit of our clients. [/quote] Yes, it's so horrible for EDJ to tell us we can move to a better product at NAV AND get paid to make the move. If we just had a firm wide promo on that it was the worst advertised one of my entire career. I didn't even know John Hanc*** had an NAV program like Hartford. And the only reason I knew Hartford had one was because my wholesaler told me. I may have to look at that JH 529 plan a little more. Thanks for the heads up. [/quote] Spiff I know you have been getting pounded and sorry to pile on, but come on, you actually think John Hanc*** offers a better 529 product then what is currently offered? Just say it for what it is, a churning opportunity for FA's.[/quote] I honestly don't know if they do or not. That's why I said "I may have to look at that JH 529 plan a little more." I know they have a multi-manager fund of funds that I've transferred in, and if they had that in their 529 plan, it might be worth looking into. As far as cost or anything else, I'm clueless as to that particular plan. MO does have the MOST plan. Vanguard runs the no load version and Upromise runs the advisor version, which I've used a few times. It too is a multi manager platform. I've used both American and Hartford's plans too. If I think it warrants a discussion with my clients from a performance standpoint, then I'll certainly have the discussion with them. I would assume they would WANT me to have that talk with them if there was a better product out there. Especially if they can move at NAV.That is crap and as usual, Jones looks at things from a performance standpoint. Performance that cannot be repeated.
Sure they can Ron…chase last years performance…all my do it yourself buddies do it all the time. Spiff, your postings are getting more and more slime ballish and possibly uneducated, just the way GP’s like it. You’re the best spinmaster I’ve come across and believe me, I’ve listened to many. Good job…
Ron - Jones didn't say anything about performance. I did. I actually think there may be some value and better performance in a multi manager product if the company putting together the product knows what they're doing. Hanc*** might. I actually hope that the performance I'd find if I look at it WON'T be repeated. Cause that would suck.
BS - what spin? Is it spin that I said I didn't know anything about the Hanc*** product? I don't mind getting called on something when I'm wrong or when I might need to look at something a little differently (see the thread on Advisory Solutions as an example) but when the only thing I've said is I don't know anything about a product, I don't see how you can call it slimb ballish or uneducated.Don’t you have Missouri 529’s?? Or, maybe, they don’t offer revenue sharing or you might get kicked to the side if you try to use the one with a tax benefit for your clients.
I'm not a CPA and I don't give tax advice, but all 529 plans get the state tax deduction in Missouri.
[quote=Ron 14]
Spiff I know you have been getting pounded and sorry to pile on, but come on, you actually think John Hanc*** offers a better 529 product then what is currently offered? Just say it for what it is, a churning opportunity for FA’s.[/quote]
Okay guys, let step back and have some perspective. How many brokers have substantial assets in 529 plans? We’re going to “churn” what are for the most part less than $10,000 accounts? I don’t have any clients exploiting the estate benefits of 529 plans. They are all putting $100 or so a month into equity funds that are down 25 percent. So for the $40 in net commissions, I hardly see how it makes sense to take an hour for an appt and fill out reams of application/transfer paperwork, unless it makes sense for the client (coughcoughputnam).