Why won't Ed Jones get with it?

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Apr 6, 2006 6:37 pm

Why have a managed account minimum of 500k, when everyone else on this planet has at least a 50k min account?  Why no email when everyone else on this planet IM's each other across the house?  Why a friggin Unix looking GUI when even low tech tax preppers use windows?  why why why?


I understand they've been promising to fix this stuff for years.  So why don't they?  I hear about them losing big producers because of it.  What you don't hear about are the producers who don't join because of it.  I'm reading that they can't grow their sales force.


Ace

Apr 6, 2006 6:55 pm

Ace,


57% of their income comes from rev sharing.   Jones has a fee based platform it just doesn't include the IR.  Their technology is state of the art.  Everybody is going back to green screens.  And finally according to Weddle only new brokers are leaving, so no real problem there.  As soon as my transition to Primerica is over I might consider opening another Jones office just to make myself grow personally through the adversity.

Apr 6, 2006 7:37 pm
exdrone:

Ace,


57% of their income comes from rev sharing.   Jones has a fee based platform it just doesn't include the IR.  Their technology is state of the art.  Everybody is going back to green screens.  And finally according to Weddle only new brokers are leaving, so no real problem there.  As soon as my transition to Primerica is over I might consider opening another Jones office just to make myself grow personally through the adversity.



You sound like a moron.  Someone, please tell me this is just a joker.


Apr 6, 2006 9:22 pm

You sound like a moron with the sarcasm meter turned off...yes, of course he's joking...please!

Apr 6, 2006 9:31 pm

I DON'T UNDERSTAND EITHER, ACE....MY EYES ARE FINALLY OPENING TO THE OBVIOUS GOOFY INADEQUACIES AND THE STRANGE REFUSAL TO FIX OR EVEN ADDRESS THEM BY MANAGEMENT.

Apr 6, 2006 9:36 pm

The short answer is that the people responsible for making these commitments to technology are raking in money with both hands as fast as they can.  So why change?  The IRs seem happy, as evidenced by these boards, so why change anything?  The system, such as it is, works well for the EDJ crowd.

Apr 7, 2006 11:16 am
Ace Planner:

Why have a managed account minimum of 500k, when everyone else on this planet has at least a 50k min account?  Why no email when everyone else on this planet IM's each other across the house?  Why a friggin Unix looking GUI when even low tech tax preppers use windows?  why why why?


I understand they've been promising to fix this stuff for years.  So why don't they?  I hear about them losing big producers because of it.  What you don't hear about are the producers who don't join because of it.  I'm reading that they can't grow their sales force.


Ace




Why do you care?


Apr 7, 2006 11:38 am
Ace Planner:

Why have a managed account minimum of 500k, when everyone else on this planet has at least a 50k min account?  Why no email when everyone else on this planet IM's each other across the house?  Why a friggin Unix looking GUI when even low tech tax preppers use windows?  why why why?


I understand they've been promising to fix this stuff for years.  So why don't they? 



My honest guess is they think they're doing the minimum required to get brokers that will service the middle market.

Apr 7, 2006 1:16 pm
Ace Planner:
exdrone:

Ace,


57% of their income comes from rev sharing.   Jones has a fee based platform it just doesn't include the IR.  Their technology is state of the art.  Everybody is going back to green screens.  And finally according to Weddle only new brokers are leaving, so no real problem there.  As soon as my transition to Primerica is over I might consider opening another Jones office just to make myself grow personally through the adversity.



You sound like a moron.  Someone, please tell me this is just a joker.




Yes I admit that I am a moron.  Sorry it took me so long to respond I figured out how to play PONG on my jones communications window and have found a new way to waste time until field supervision finds out. Green screens rock! later.

Apr 7, 2006 2:14 pm

A broker I know was telling me about a joke he heard in the office the other day -


Ameriprise is supposedly getting new technology that will be similar to what Schwab has.  They will then be selling the old technology to Jones.

Apr 7, 2006 2:19 pm
Indyone:

You sound like a moron with the sarcasm meter turned off...yes, of course he's joking...please!



ROFLMFAO....you owe me a soda to replace the one that I just spewed out of my mouth onto my screen because I was laughing....

Apr 7, 2006 2:58 pm
BrokerRecruit:

A broker I know was telling me about a joke he heard in the office the other day -


Ameriprise is supposedly getting new technology that will be similar to what Schwab has.  They will then be selling the old technology to Jones.




They arent really scrapping the old system, they are selling it to Jones.  This should help bring EDJ up to 1990's technology while incorporating superior financial planning tools. 


Sorry, I cant help myself.

 I though I remembered saying that. 
Apr 7, 2006 3:30 pm

Wow - word must be spreading - I heard that from a Smith Barney guy the other day. 


You're a trendsetter, exdrone!

Apr 7, 2006 3:32 pm

Ameriprise's technology was ok, it just wasn't highly integrated.  I was considering going to Jones, but their lack of technology and fee based tools killed the idea for me.  Servicing the middle market is no problem, and respectable, for a guy to get started.  But a complete lack of rudimentary tools kill me with them.


This is one broker they didn't get.


Ace

Apr 7, 2006 4:25 pm

The bottom line is that firms need to have web-based technology or they're in the dark ages.  If you put a Smith Barney tech package next to EDJ or AMP, there's no comparison.  It's space-age vs. the Jurassic Period.  If you can't have up-to-the minute quotes on equities, you're behind the 8-ball.  There is no reason it should take eons to process a trade through the workstation. 

Apr 7, 2006 4:38 pm

There is a GP who lives near me.  He has the biggest house in the neighborhood at around 10000 square feet.  There's your answer.


The GPs run the show.  They rake in the cash and as long as the sheep are happy, hell, who cares.  They'er getting rich.  Let the dummie IRs do their thing and keep telling RR in their annual survey how happy they are.


If you were a GP would you want to change anything.  I wouldnt.  I'd ride that horse until it dropped.


Apr 7, 2006 6:08 pm
Malcolm:

There is a GP who lives near me.  He has the biggest house in the neighborhood at around 10000 square feet.  There's your answer.


The GPs run the show.  They rake in the cash and as long as the sheep are happy, hell, who cares.  They'er getting rich.  Let the dummie IRs do their thing and keep telling RR in their annual survey how happy they are.


If you were a GP would you want to change anything.  I wouldnt.  I'd ride that horse until it dropped.




Really?  So you  think it would be a good idea drive a business into the ground so that you would not enjoy any more profit from it?  Kill the goose thats lays the golden eggs.


Apr 7, 2006 7:45 pm
Maxstud:
Malcolm:

There is a GP who lives near me.  He has the biggest house in the neighborhood at around 10000 square feet.  There's your answer.


The GPs run the show.  They rake in the cash and as long as the sheep are happy, hell, who cares.  They'er getting rich.  Let the dummie IRs do their thing and keep telling RR in their annual survey how happy they are.


If you were a GP would you want to change anything.  I wouldnt.  I'd ride that horse until it dropped.




Really?  So you  think it would be a good idea drive a business into the ground so that you would not enjoy any more profit from it?  Kill the goose thats lays the golden eggs.




It seems to me that is exactly the course they are on at the moment.

Apr 10, 2006 5:20 pm

What he's saying is when the drones are complacent with it and have their heads buried in the sand why spend their money to upgrade and improve? 


Hell, if they did that they couldn't give themselves an 81% pay raise.  Maybe when you start to realize that is exactly what they're doing you can open your eyes further and realize that there are bigger and better things out there that are actually available to benefit you and give you the control to determine how to best capitalize on it.