Why I quit Part II

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Mar 19, 2007 7:29 pm

What you just said is a mouthful. I agree as a former Joneser, its getting old. How about asking all the other FA's to come clean too. How about your b/d whomit.

I think he is a wannabe and just feels left out in the dark...Just think a new thread about Jones.

Anyone want to make the leap to Jones but can't. This should be good.

I am alergic to Chinese Food, so I can't become a Jones broker. I can't wait to hear more reasons. Spiked will have a few I am sure!

Mar 19, 2007 7:38 pm

[quote=Whomitmayconcer]

Gad12,



I can’t possibly care less how many people Jones “trains”.



I made a relevant point and the moderator chose to excise it.



This pusillanimous pabulum puking piker of a moderator ought to do

something to cut down on the worthless theads (like, Why I Left Jones) that

only invite the same inane rhetoric.

[/quote]



Why wait for a moderator? Censor it yourself. If you don’t like it, don’t read

it.
Mar 19, 2007 7:55 pm

[quote=footsoldier]

What you just said is a mouthful. I agree as a former Joneser, its getting old. How about asking all the other FA's to come clean too. How about your b/d whomit.

I think he is a wannabe and just feels left out in the dark...Just think a new thread about Jones.

Anyone want to make the leap to Jones but can't. This should be good.

I am alergic to Chinese Food, so I can't become a Jones broker. I can't wait to hear more reasons. Spiked will have a few I am sure!

[/quote]

Wow Footsoldier, something new......

Mar 19, 2007 8:01 pm

meaculpa. needed a laugh.

Mar 19, 2007 8:26 pm

[quote=footsoldier]meaculpa. needed a laugh.[/quote]

Seriously, I wish you much success...

Mar 20, 2007 8:35 am
Anonymous- Show me a statistic that says the average investor holds their mutual funds longer than 2 years...    We have to be careful about using stats.  It does not matter what the average investor does.  Each investor is an individual and much be treated as such.  On the other hand, if you are complaining about a company or an advisor putting all of their clients in "A" shares, then, of course, you have a point.          The arguement about not calling your clients because they don't pay you enough every year is bogus.  When you landed all those clients you probably promised them that you'd call them at least every quarter, 6 months, whatever.  The fact that you can't keep your promise has very little to do with the money you get paid and a lot more to do with your character.    Even though, you are busting on me and others, I like this post.  It bothers me to not service clients like they deserve.  I absolutely made promises that I could not keep.  It certainly wasn't intentional.  I simply never knew that an "A" share model did not work.  Therefore, I have lots of old "A" share accounts that are "dead" money unless I move the money.  Since moving the money is not in the clients' best interest, we don't do anything with it.    The reality is that I have to choose between servicing the clients as promised or supporting my family in the way that I have promised.  My family comes first.  Fortunately, I have learned that "A" shares won't allow my business to grow the way that I want.  I still sell "A" shares when appropriate, but unless they are going to be profitable in the future, the only promise that the clients get is an annual phone call review.        Promises do get broken sometimes, but they are always made sincerely.  I'm a business owner first and a financial advisor second.   My business simply can't support the luxury of me doing things that are not profitable.  Ultimately, all of one's clients suffer if the advisor is not profitable.   I really wish that I could just give away a lot of my old clients.  It's just not possible with "A" shares.      I'm going to bet that a couple of years from now when you are used to your new "better" platform, you'll make up some other excuses as to not call your smaller clients.  Probably some rationale like well, I only call those clients who pay me $eleventy kabillion annually.  Everyone else gets a letter.    You are 100% correct.  I can only handle a finite amount of people.  Everyone underneath my minimum will get pushed to another advisor.  This can only be done if they are not in "A" shares so that the new advisor will get compensated.  Now that I know better, I sell very few "A" shares.    Spaceman, the best thing that you can do is to start thinking like a business owner instead of an employee.  Think with the end in mind.  If you have an "A" share business, not only will you make less during your working years, your business will have very little value when it comes time to sell it.   (I'm not Jones and I'm not ex-Jones.  They seem like a good place to start a practice and not so good place to build one.)