What happened to SKRAINKA?

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Sep 22, 2006 12:58 pm

I was on the Edward Jones Website today and saw that Kate Warne was the Chief Market Strategist for Jones. 


I must say, of all the people I met in research at Jones in my 8 years, Kate Warne was the most knowledgeable.  She has a Yale degree.  She tells it like it is.  I remember asking her a question in 2003 about fee-based business and she said, "Jones is way behind the times on fee-based and that Jones should embrace it because the entire industry is going that way." 


She also was touting XOM way before the rise in oil prices.  She's great. 

Sep 22, 2006 1:55 pm

Kate is actually the Chief Market Strategist for Canada.  Alan is still alive and kicking in STL.   And I agree.  Kate is wonderful and we are behind on fee based. 

Sep 22, 2006 2:18 pm

You are one of a small handful of EDJ reps who realize that.  Kudos to you for recognizing that.  Perhaps one day...

Sep 22, 2006 7:34 pm

SS-


A friend of mine told me that a GP/RL is now telling all of his IR's that it won't be too long before they will have fee based. The message is to get the 65/66 soon. 5 years from now I would guess they might have it. But first they need everyone to get land lines and get off the stupid satelite technology!


It's about time. Now what do you think brought this change of heart. My guess is that many vets have left and they realize that the growth is stagnant unless they change.


Sep 22, 2006 8:35 pm

Too [email protected]'n late. They only lost their best reps in the last 4 years. How would you like your money managed with this timing. .


Not good!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

Sep 22, 2006 8:59 pm

ez - not too late.  Best reps are replaced by other best reps.  That's just the way the industry works.  Every issue of this magazine talks about some big broker leaving some firm.  We've lost some of our big guys, but we still have a lot. 


I've heard rumors as early as next spring we'll have something fee based.  No specifics yet.  In fact I was at a meeting over the summer with our GP over compliance who said Weddle told her that if they can figure out how to make it make sense for the clients from a cost perspective we'll get it done.  Weddle moves faster than Bachman or Hill ever did.  Stay tuned.


I can only venture a guess that it is simply pressure from us IRs that forced the change.  Of course when you talk to brokers who left and they say fee based is one reason they jumped, hopefully someone listens.  I love my company but sometimes I hear echoes of the seven last words of a dying church - "We've never done it that way before."


Have a nice weekend.  I'm off tomorrow to meet with a client's father who's gonna clear a million from a land sale.  If I don't get it now, I'll get it when he passes away. 

Sep 22, 2006 10:06 pm

Edward Jones Fee Based Business = Wrapping the revenue sharing American

Funds. That is all it will be.



If your compliance chief is trying to figure out how fee based business

makes sense from a cost perspective, I would either have some major

concerns with his/her ability or maybe my first statement will be true

afterall.



SpaceMan- which American Fund will you be pushing to this client you are

meeting tomorrow?

Sep 23, 2006 12:18 am
The Truth:

Edward Jones Fee Based Business = Wrapping the revenue sharing American
Funds. That is all it will be.

If your compliance chief is trying to figure out how fee based business
makes sense from a cost perspective, I would either have some major
concerns with his/her ability or maybe my first statement will be true
afterall.

SpaceMan- which American Fund will you be pushing to this client you are
meeting tomorrow?


Give it a rest truth, you definitely have something going on with American Funds??!??!?

Sep 23, 2006 12:35 am

Actually American Funds hadn't even entered my mind, but thanks for the suggestion.  Which of their 5 star funds would you start with for an 85 yr old?  I was thinking more like a CRT coupled with an ILIT.  Maybe some muni's that he can pass on to his daughter if he doesn't want to do the insurance underwriting.  Definitely going to discuss a credit shelter trust for them if he doesn't do anything else with me. 


Truth - You're a moron if you think the reason we do American Funds is the revenue sharing.  If I was looking at revenue sharing at all I'd be selling any other fund family than American because they pay the least.  In fact one of the things we got blasted for at one time was RL's getting up at meetings and telling new IRs to stay away from American Funds BECAUSE they don't do as much revenue sharing. 


You guys that hate Jones for whatever reason really need to get a life. 

Sep 23, 2006 9:14 am

Maybe I should have said Hartford. I was just mentioning American since

what 90% off all you hacks sell them to every Tom, Dick and Harry that

comes in the door. Read the most recent study on fund investors who used

an intermediary like Jones or invested directly at the fund? Kind of brings

thinks all in perspective, especially the debate your compliance chief is

having on whether or not fee based business makes sense for your clients.

What a joke. Isn't the better argument how does fee based business at Jones

hinder the revenue sharing that your firm desperately needs to fund the 70%

draw your 300 or so fearless leaders are taking from you?

Sep 23, 2006 9:48 am

Truth- Don't really know why you are bashing American Funds.  I'm not with EDJ and I do a ton of them.  Their probably my best performing buy/hold accounts.  Up almost 10% ytd and something like 30-40% over the past three years.  The low annual costs are a plus, but the performance is really what's important. The Growth Fund of America is one I've been avoiding though (better alternatives IMO).


My concern with the AF's is their size.  They are now the largest MF company and at some point the inflows just have to affect the performance.

Sep 23, 2006 1:19 pm
BrokerRecruit:

You are one of a small handful of EDJ reps who realize that.  Kudos to you for recognizing that.  Perhaps one day...



I believe your wrong on this Recruit, fee based is what all the IR's want to discuss whenever there is someone higher up around to listen. 

Sep 23, 2006 1:53 pm

"Their probably my best performing buy/hold accounts."


That should've been "They're...."


So much for the grammar police.....

Sep 24, 2006 12:40 am
Spaceman Spiff:

ez - not too late.  Best reps are replaced by other best reps.  That's just the way the industry works.  Every issue of this magazine talks about some big broker leaving some firm.  We've lost some of our big guys, but we still have a lot. 



So Jones loses a "veteran" IR and replaces him/her with what? Most likely someone new to the biz.  At best a bank broker who bought dream of no boss.  Almost never a top producer from a wirehouse or other regional firm.  In my experience that's never no almost never.


Sep 24, 2006 12:56 am
exdrone:
Spaceman Spiff:

ez - not too late.  Best reps are replaced by other best reps.  That's just the way the industry works.  Every issue of this magazine talks about some big broker leaving some firm.  We've lost some of our big guys, but we still have a lot. 


So Jones loses a "veteran" IR and replaces him/her with what? Most likely someone new to the biz.  At best a bank broker who bought dream of no boss.  Almost never a top producer from a wirehouse or other regional firm.  In my experience that's never no almost never.




How about a beer delivery guy or maybe a fella who used to sell joint replacements for a living.....

Sep 26, 2006 6:42 pm
joedabrkr:
exdrone:
Spaceman Spiff:

ez - not too late.  Best reps are replaced by other best reps.  That's just the way the industry works.  Every issue of this magazine talks about some big broker leaving some firm.  We've lost some of our big guys, but we still have a lot. 



So Jones loses a "veteran" IR and replaces him/her with what? Most likely someone new to the biz.  At best a bank broker who bought dream of no boss.  Almost never a top producer from a wirehouse or other regional firm.  In my experience that's never no almost never.





How about a beer delivery guy or maybe a fella who used to sell joint replacements for a living.....


You mean the guy who I buy my weed from?

Sep 26, 2006 6:43 pm

Didn't know they were looking for that kind of sales background.

Sep 26, 2006 7:40 pm

dude: Didn't know they were looking for that kind of sales background.


-----------------------------------


     

Sep 27, 2006 8:44 am
Maxstud:
BrokerRecruit:

You are one of a small handful of EDJ reps who realize that.  Kudos to you for recognizing that.  Perhaps one day...



I believe your wrong on this Recruit, fee based is what all the IR's want to discuss whenever there is someone higher up around to listen. 


Maybe I've spoken to the wrong reps, but when I have brought it up in the past, many of the IRs have indicated that fee-based business is not right for clients and the traditional Jones model works better for them.  I'm not saying that most IRs hate it, but from my experience, even some of the larger producers are against it.  I will say that it does appear that the pro-fee-based camp within Jones is growing, though.  If they do decide to offer it at some point, I would be curious as to how it would compare to other firms on the street as far as fees and account minimums are concerned.  It would definitely be a step in the right direction for the company.

Sep 27, 2006 9:08 am

the upfront sales charge addicts don't want to give up their habit huh. There's nothing like mixing up your business. A little a shares, a little fee based, little fixed income, little annuities. It works well.