What was your eye opener event at Jones?
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Weddle IS taking the firm in the right direction. No question.
However, B24 mark my words, I will be SHOCKED, if you actually have access a fee platform before 12/31/07. Odds are 10 to one against it. I do think at some point in calendar 08 it will come to pass though.
Gad, you may be right. But to answer that, and the other post about what has changed:
1. Technology has become MUCH better: e-mail, financial planning software (I heard it is the same package that RJ uses?), rapid migration away from the "green-screen", land-based internet access, etc.
2. Increased payout on C-shares (hmmm?)
3. Extended new-advisor bonuses and medical premium subsidy out to 42 months.
4. Gave us a real title.
5. Made significant enhancements to Goodknight partnership programs. New goal is that nobody in established markets start new/new (all will have office and/or Goodknight program).
6. FINALLY broke out Growth and Income funds into their componants in the Portfolio program (which is no longer on the Green Screen).
7. Developed ETF focus-list.
8. Further enhanced the Contact Management system.
9. Developing Fee-based platform (no, not here yet).
10. Raised minimum expectations for established advisors (I think it's a good thing, some may not).
11. Raised reimbursement amount on marketing and seminars.
12. Improved retirement transition plan.
13. They kept Shamrock Saturday
There are many, many others that I am forgetting. But this is a just list off the top of my head. Look, I am not claiming Jones is the end-all, be-all of firms. My statement was that Weddle is actually making things happen, rather than just talking about them. He is listening to us and responding with his feet, not his mouth.
Many of the complaints many of the former EJ brokers have expressed have been addressed over the past 1-2 years, and more going forward.
Jim Weddle, is, without a doubt, a pioneer. Genius if you will. Changing over from DOS to windows based networking…that guy is cutting edge.
But you know things ebb and flow…spent money to upgrade system…but now will be building buildings…the upgrades on tech will now end for a few years and again they will get behind…
It sounds like Weddle is moving the firm the right direction, and at warp speed compared to his predecessors.
Maybe that will slow down the flow, but it was too little, too late for me.
Plus given my experiences I trust St Louis with my career about as much as I would trust Dirk (Bobby) with my money.
I’m growing to like Spliff…They can do all they want…but until they increase payouts to above 75%…they will lose the real entreprenuers…and the ass kissers will stay. I talked to a 20 year vet last week about my move. He mentioned the firm can do all they want, but the bottom line to the vets is the large disparity allocation between GP’s and LP’s. The GP’s want to say their ass is on the line(to justify the large allocation of earnings), but I believe back in the middle 90’s they changed to an LLC, and reduced their overall exposure to failure to just what they’ve invested. So Weddle can keep throwing money at the newbies and keep pissing off the vets…Spaceman Spiffy,what is the average years of service at Jones?
75% fail within the first year. St. Louis propaganda would have you believe that that number is after 5 years.
Spiff,
It sounds like you don't think the koolaid is so sweet anymore. Could it be that you are the one Jones guy who just wants to do his job without drinking the koolaid? I agree that Jones is a platform that some will grow to like and wish you the best if you stay or if you jump, but it sounds like you would do great if you decide to jump.
When Jones starts the fee base:
What will happen to the ICA guide?
What will happen to buy and hold?
What will happen to preferred?
Answer:
Compliance (aka GPs) will "leak" the legal amount of time an A share mutual fund must be held. Then a call list will magically appear.
"Mrs Jonsee, Hi, I am Jonser, yeah, Jonser, you remember me. Oh yes I was just thinking of you... Ummm, Mrs Jonsee I need to discuss with you a grave issue. My new 2001 Monte Carlo simulation says, you need to diversify, too much dependency on one fund family. But I thought you said American funds has the best mutual fund managers in the world. Yes, and thats true, however Mrs Jonsee, I feel its in your best interest to only own the best of ALL fund managers. See we have (gp's have) determined by reading Aristotle's memoirs it now the correct point and time to only own the best funds of the best fund manages. Oh I loved those Aristotle movies when I was a child, or was that...... Ummm Mrs Jonsee, just come by my office I will have you sign the appropriate papers. Does this cost me anything? by the way what rate is it earning? Ummm, it cost you no more that the average typical mutual fund. Oh, one other good thing we will be refunding the 12b1 fees back to your account. Oh my, what? It's a set of refunds (kickbacks) that we will now be paying you . OOh great, so you will be paying me a refund. Ummm, something like that Mrs Jonsee. Just come by and sign, everything will work out great for me, ummm I mean you. Thank you soo much, now don't do anything to me you wouldn't do for your mother. I've always trusted you.
[quote=FreeFromJones]
Spiff,
It sounds like you don't think the koolaid is so sweet anymore. Could it be that you are the one Jones guy who just wants to do his job without drinking the koolaid? I agree that Jones is a platform that some will grow to like and wish you the best if you stay or if you jump, but it sounds like you would do great if you decide to jump.
[/quote]
See Spliff, not Spiff.
CIB,
"I see," said the previously blind man. I wondered why his tone had changed but now it's oh, too painfully apparent.
Spliff, go home if you can't be at least be original enough to come up with your own name! But then again you might be able to fool some more of us old farts.
You weren’t the only one fooled FFJ. It’s hard to believe that someone would waste time impersonating somebody else on a message board. The true identity of spliff is probably one of the regulars who thought he would have a laugh at all of us.
I already posted my eye opening event at Jones but I've changed my mind. I should've remembered the "Broker in a Box" that I received in Nov 1998. It contained an MS-DOS Compaq laptop Computer that was from like 1993. It had a 10 inch monochrome screen and I had to use the function keys to study for my series 7.
I should've known then that Edward Jones IT department was not interested in up to date technology but I was drinking the kool-aid of the first 4 chapters of the "study for success" that Edward Jones' satellite system was the largest satellite network next to the U.S. military.
What a Joke...I should've known.