Questions for EJ guys
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Ok Hulk, I’ll bite…don’t you have a disclosure the client needs to sign if they invest in a 529plan not from their home state?
Hulk, there of plenty of HNW clients who are putting in a 60k deposit to max out the 5 yr gift for grandkids, kids, etc.
bspears - as of last year the answer is no in Missouri.
ron - remember, we’re at EDJ, our clients don’t have a $60k net worth, let alone for a grandchilds 529. Even in your example that in all reality is few and far between, you’re talking about $240 assuming it’s still worth $60k. Trust me, there are better “churning” opportunities out there. Just ask rankstocks.
This thread is going nowhere. I cannot believe we are debating 529's. It's like debating CD's.
Spears, in my state they must sign disclosure for any non-state 529. But I always explain why I don't use the in-state 529 (the plan is HORRIBLE). But I always explain the state tax deduction and let them decide if it's of more value to them. Even if someone was going to do the front-loaded 60K contribution in one year, their state deduction would only be capped at 10K, which gives them a whopping tax reduction of $500.
I know B24..you disclose everything...I can hear the conversation now...
I know putting in the state sponsored 529plan allows for some state tax savings, but very little, not worth how terrible their plan is. EDJ's has reviewed the plan and said it was just the most terrible, horid, mis managed, corrupt in the country, maybe the world. I think B Madoff had some of the money. Anyway, if you would like to get the tax deduction, which again is only like 20 cents, I can try to get them to send me paperwork, may take a month or so..if not we can open the 529 right now and send funds to the best in the world...yes thats right its West Virginia's plan. EDJ has done years of due dilligence on the plan and its the best in the world. Ok great...sign here and here and I think you've done your kid right. Just a thought, because of ALL the hours the guys in research do, if something happens to the best plan in the world, I may be calling you to make a move to the next best plan in the country..whomever that may be...because, I'm a fianancial advisor here and thats what I do, always looking out for you. You are my hero B24More often than not the trustee of the "horrible" plans will fire the manager themselves (Bright Start in Illinois did it a few years back). Why is it so difficult to admit that Jones put this out there as a churning opportunity ? My name is Ron 14 and I have churned an account before, BFD.
This is what folks at Jones call "nickle and diming." A few accounts won't add up to much, but you move all of those suckers over and you can add to that gross pretty nicely. (So they say, but I ain't doing it.)
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).
[quote=bspears]
I know B24..you disclose everything...I can hear the conversation now...
I know putting in the state sponsored 529plan allows for some state tax savings, but very little, not worth how terrible their plan is. EDJ's has reviewed the plan and said it was just the most terrible, horid, mis managed, corrupt in the country, maybe the world. I think B Madoff had some of the money. Anyway, if you would like to get the tax deduction, which again is only like 20 cents, I can try to get them to send me paperwork, may take a month or so..if not we can open the 529 right now and send funds to the best in the world...yes thats right its West Virginia's plan. EDJ has done years of due dilligence on the plan and its the best in the world. Ok great...sign here and here and I think you've done your kid right. Just a thought, because of ALL the hours the guys in research do, if something happens to the best plan in the world, I may be calling you to make a move to the next best plan in the country..whomever that may be...because, I'm a fianancial advisor here and thats what I do, always looking out for you. You are my hero B24[/quote] Spears, I am no saint. But I give them the straight up facts on the 529's, and they have to sign a detailed disclosure. If you knew the providor of my state's plan, you'd know why I hate it so much. I'll give you a hint, they love teachers, and they love annuities, and their MFD's suck bags. Not to mention they are horrendous to work with. And for the record, I do my own vetting of investments. And frankly, I don't even know if Jones researches 529 plans or not. I have looked at the providors and the plans, and made my recommendations. I actually have not used Hanc*** yet, but I would consider them for 529's I use in the future. I like the plan. WAY too much paperwork to switch people. I honestly can't stand 529 business. I do it when people ask for it. And I currently use the Virginia Plan, not the WV plan. I don't even bother looking at others anymore, since the dollars are so small. My largest 529 is only 85K.It’s only 5. AZ, KS, ME, MO, PA.
For the longest time TIAA-CREF managed the MO plan. And they did suck. It wasn't worth the tax savings for the underperformance. MO fired them and hired the Vanguard/Upromise folks. Spears - for every bit of spin that you say I put out there, you put as many or more words in other people's mouths. I don't recall B24 telling anyone what 529 plan he actually uses. He may use the one from his state. So, before anyone takes any of what spears says as even remotely true, please go back and check his fact finding abilities. You'll find that he tends to jump to a lot of his own conclusions.I guess I would really think he was a dumbass if he said all this negativity about his 529plan and then actually used it. I'm probably right on the nose with my thought process, because I know who trained the little booger.
Everyone, spiff is trying to suck up as much as he can to St Louis, so take what he says with a grain of salt, its all tainted and a real spinmaster at work. Nothing Jones does is wrong in his eyes..the industry does it, its all history, I DIDN'T SEE THE PROMO. I've noticed you've ramped up your defense of the fraud, so I'm betting the production is sucking wind and you're trying to convince yourself you still work for a great place or something else is at play here. Hmmmmm....Those 8 letters make me cringe. No wonder MO fired them. If my state used Vanguard/UPromise, I'd use them in a heartbeat. In fact, I have had a Upromise 529 for my kids long before I started at Jones, and I still have it. In fact I would use almost any other in-state plan other than my own state's plan.
Those 8 letters make me cringe. No wonder MO fired them. If my state used Vanguard/UPromise, I’d use them in a heartbeat. In fact, I have had a Upromise 529 for my kids long before I started at Jones, and I still have it. In fact I would use almost any other in-state plan other than my own state’s plan.
I do U-promise when I grocery shop. They give my 529 credit for the grocery's I purchase.. Kinda nice! I love to throw parties, cook and all in all spend money.. So my credits have been growing. I think that is a nice way to pick up market share for Upromise.
Miss J
[quote=bspears]
I guess I would really think he was a dumbass if he said all this negativity about his 529plan and then actually used it. I'm probably right on the nose with my thought process, because I know who trained the little booger.
Everyone, spiff is trying to suck up as much as he can to St Louis, so take what he says with a grain of salt, its all tainted and a real spinmaster at work. Nothing Jones does is wrong in his eyes..the industry does it, its all history, I DIDN'T SEE THE PROMO. I've noticed you've ramped up your defense of the fraud, so I'm betting the production is sucking wind and you're trying to convince yourself you still work for a great place or something else is at play here. Hmmmmm....[/quote] I haven't been called a little booger in years. Spears, I agree, Spiff seems to be over-shooting a bit on this. But in reality, nobody else has given it much of a thought (that I know of). And as far as I know, there was no "promo". I never saw anything about it, other than the JH internal calling me. Seriously, you're putting too much weight into this thing.I see bspears has graduated to kindergarten. Instead of attacking an inanimate company he has moved on to individual people. He moves on to the two people (spiff and B24) that are the most patient with the Anti Jones ranters. There is enough “bad” truth out there about any company that you don’t have to make up lies. Make a pile flippin 529s? Gimme a break you losers.
Ron, the only reason you "know" there are plenty of people doing $60k 529s is because you read it somewhere. We are all going to have 4 clients with $50 million each. Service them til they puke. They will name kids after us and we will all be rich. The "Serve the UHNW Market" is old news. They lost all of their money just like us. Check your statement fool. If I was admin here I would first of all require an IQ test before I allowed people to post. I am off to drink beer and throw the bottles at the alligator in the duck pond.[quote=ytrewq]I see bspears has graduated to kindergarten. Instead of attacking an inanimate company he has moved on to individual people. He moves on to the two people (spiff and B24) that are the most patient with the Anti Jones ranters. There is enough “bad” truth out there about any company that you don’t have to make up lies. Make a pile flippin 529s? Gimme a break you losers.
Ron, the only reason you "know" there are plenty of people doing $60k 529s is because you read it somewhere. We are all going to have 4 clients with $50 million each. Service them til they puke. They will name kids after us and we will all be rich. The "Serve the UHNW Market" is old news. They lost all of their money just like us. Check your statement fool. If I was admin here I would first of all require an IQ test before I allowed people to post. I am off to drink beer and throw the bottles at the alligator in the duck pond.[/quote] The reason I know there are plenty of people who max out the 5 yr gift of 60k into 529's is because it is an obvious financial planning tool / tax shelter for those who make a lot of money. I have no clue what the rest of your statement means. If you are assuming I only take UHNW clients that is as far from the truth as possible. I wasted some time today doing a $1400 rollover! And next week I am sure I will open a 529 for a $50 DCA.[quote=Spaceman Spiff] foot - I understand your reasoning. What’s your point? Why do you care?
Jones FAs have a choice to make. They either stay with Jones and get bonuses when their offices are profitable enough and the firm is profitable enough, or they can leave. Nobody is holding a gun to their heads telling them to stay. The GP/LP/Associate relationship isn’t going to change. This is not the first time that Jones has been in a zero bonus bracket. This is actually the second time in my relatively short career. You might think the system is flawed, but it works. The people who have the most on the line get paid the most. Period. Jones doesn’t ever promise an FA anything other than a roughly 40% payout. Bonuses are just that. LP is a goal, but not a guarantee. Trips can go away. Fortunately for thousands of guys like me around the country (and world) we have received bonuses, have LP, and go on trips. Most of the time. Others, like this one right now, we don’t get one of those three. I can now choose to move as many of my clients as I can somewhere else and reestablish myself, or I can take the rare bad with the mostly good and stick where I’m at. I know which way I’ve chosen. Evidenlty I’m not alone. Vets are not leaving. So, again, what’s your point? [/quote]
Curious … I’ve followed quite a bit of this thread, a lot of Spiff’s comments and those from the indy side. From what I’ve read the above doesn’t seem to apply - the company makes life particularly hard for those that choose to leave. There seems to be much empirical evidence to support this.
I’m not talking about the Company fighting to retain assets. That’s just life. I’m talking about the underlying spirit of EDJ not supporting the Protocol, and mean-spirited efforts to undermine an exiting FA.
I’m talking about the underlying spirit of EDJ not supporting the Protocol, and mean-spirited efforts to undermine an exiting FA.
Last I checked, Jones never signed up for Protocol.
You see Jones is a Family company and when you leave the family, it becomes a divorce. Think about how you treat someone who divorces your sister and that is how it feels. I have been gone from Edward Jones for 9 years now from and I got dissed during the eulogy at my father's funeral by an Edward Jones Partner speaking for the firm!! At some point this has got to stop. IndyEDJI’m not talking about the Company fighting to retain assets. That’s just life. I’m talking about the underlying spirit of EDJ not supporting the Protocol, and mean-spirited efforts to undermine an exiting FA.