EJ Hired Guns

Jones to bring in the big guns.  But big guns, small guns, or no guns, how do you argue against what they did?  Jones-  "We did nothing wrong?"  Attorney General-  "You admitted you did something wrong and you obviously felt it was more serious than what Morgan Stanley did considering your fine you settled for was $25 million more."

Interesting. Today the NYSE announces a $13 mil fine to Morgan Stanley and there isn’t a blip on the forum.



Joedog

$13 million is pennies to MS.  $75 million is significant to a maw and pop shop like Jones.  End of story.

Truth,

After the fine, EJ had almost $3 billion in revenue and over $200 million in income in 2004. Sure its nothing to sneeze at, but its not bank breaking either.    



Also, Banc One got a $400,000 fine for late trading in mutual funds. The regulators should have a “Now Serving” number counter.



Joedog

The MS fine was for delivering prospectuses late. How’s that compare with kickbacks from mutual fund companies to a brokerage that spent years claiming they were purer than the drtiven snow?

The MS fine was for delivering prospectuses late. How’s that compare with kickbacks from mutual fund companies to a brokerage that spent years claiming they were purer than the drtiven snow?

[quote=joedog]I agree EJ was arrogant about it and stupid for the holier than thou claim and if that's what these threads are about so be it.

Joedog  [/quote]

it be,  it be!!

"See http://www.sec.gov/news/press/2004-44.htm for the $50 mil fine to Morgan. "

Actually that's MFS's $50M fine. I was talking about MS's $19M they were just hit with (someone above mentioned it). $12M had to do with mailing prospectuses late, the balance was about failure to supervise in two high profile cases.

MS and a number of other firms were fined in 2003 for much the same thing Jones did with a preferred fund list. It's interesting that Jones was fined later, and for far more (against rev) than the others were. I suspect there was an issue there....

Hey Joedog,

13 mil is the proverbial fart in a windstorm.  Wake up and smell the bacon pal, quit playing both sides of the fence.  We all know you're in the HO.  You and Salesprevention probably share a hot ham 'n' cheese and tater tots in the 'ole HQ cafe, no?

BTW Salesprevention is a putz

Salesprevention is a home office clown that is hoping for a $500 bonus from his fearless leaders.  He is hoping after 30 hard years on the job that me might make middle management.  I can see him now running to his moron bosses saying what he read on the board.  Keep up the good work clown!

[quote=stanwbrown]

Actually that’s MFS’s $50M fine. I was talking about MS’s $19M they were just hit with (someone above mentioned it). $12M had to do with mailing prospectuses late, the balance was about failure to supervise in two high profile cases.

MS and a number of other firms were fined in 2003 for much the same thing Jones did with a preferred fund list. It’s interesting that Jones was fined later, and for far more (against rev) than the others were. I suspect there was an issue there…

Joedog-  the world is out to get Jones, huh?  I know this is hard for you to understand, but Jones is not a well known firm.  They have their name on the dome and every once in a while it gets mentioned.  Heck, it used to be that any Jones advertising would only benefit AG Edwards.  Anyway, $75 is just the tip of the iceberg.  You will see at least another $100 million going out the door after the class action suits.  Remember your firm is going up against “The Bulldog” and this dog has a nasty bite.

[quote=DOUG E FRESH]

Hey Joedog,

13 mil is the proverbial fart in a windstorm. Wake up and smell the bacon pal, quit playing both sides of the fence. We all know you’re in the HO. You and Salesprevention probably share a hot ham ‘n’ cheese and tater tots in the ‘ole HQ cafe, no?

Yea. tell him "he is the best darn scapgoat in the whole wide world"

Dumb cowboy from upstate N.Y. but a rich one.

But now he’s $3 mil. lighter!!!

Maybe Dougie will go back in the field and start churning people like he did before he got the promotion?

[quote=The Truth]

Jones to bring in the big guns. But big guns, small guns, or no guns, how do you argue against what they did? Jones- “We did nothing wrong?” Attorney General- “You admitted you did something wrong and you obviously felt it was more serious than what Morgan Stanley did considering your fine you settled for was $25 million more.”

Preach the truth brother…

[quote=noggin]Preach the truth brother....[/quote]

true dat....I think this revenue sharing sh*t sucks....just another example of manangement getting into RR's and clients pockets(indirectly...)

The difference is your firm expects and rewards brokers from churning clients out of perfectly good funds to invest in the preferreds.  Plus, just as the US Justice Department said recently, a good percentage of the brokers were never told about the revenue sharing.  They were told these are the best funds and no need doing any research on any of the other funds.  What a joke!  That is about to stop though after hearing the comments from the US Justice Department.  If you work at Jones you know exactly what I mean.  It is routine to see funds like Franklin, Oppenheimer, etc, that get dumped to buy say a Hartford that is twice as expensive just to get revenue sharing.  That is the difference.  Honest people were lied to consistently and it is the honest people that have egg on their faces today.  Maybe you are one of them?

As a Jones broker I can say that there are many funds on our preferred list that are a joke. Take a look at the Hartford Stock Fund or Hartford Dividend and Growth. We "PREFER" these funds?? Federated is even worse. Oh well...I'm leaving anyways.

Truth,



You didn’t answer the second question. What does your firm and my firm do with the revenue sharing? Mine certaintly isn’t sharing it with me.



BPD





________________________________________

The grass is GREENER where you water it!

The difference is your firm expects and rewards brokers from churning clients out of perfectly good funds to invest in the preferreds. Plus, just as the US Justice Department said recently, a good percentage of the brokers were never told about the revenue sharing. They were told these are the best funds and no need doing any research on any of the other funds. What a joke! That is about to stop though after hearing the comments from the US Justice Department. If you work at Jones you know exactly what I mean. It is routine to see funds like Franklin, Oppenheimer, etc, that get dumped to buy say a Hartford that is twice as expensive just to get revenue sharing. That is the difference. Honest people were lied to consistently and it is the honest people that have egg on their faces today. Maybe you are one of them?

The St. Louis paper mentioned "message boards" and I think someone told the GP's,.......they've arrived.  Hey Jimmy!

1997-2001.  Let's see you picked an interesting time frame to review complaints.  And concerning the mutual fund churning, how would your unsophisticated clients understand what is happening to them when most of your brokers do not know the fraud you have going there at Jones.  My firm does not share revenue sharing with the brokers and we certainly do not sell 7 funds exclusively and would never would have a dog like Federated on our list.

I have a couple of questions for you Mr. GP.  With those stand alone offices you have in those remote towns, how many clients do you think:  a) know the importance of complaints and how they are handled  and b) how many complaints actually get pitched at these stand alone offices.  If you believe in the truth you will understand what I am saying.

How much damage would be done if GP's (or any IR) were found out that they were posting on this site but misrepresenting themselves to say they do not work for their firm?

Truth,



Have you seen more recent Weiss ratings than 1997 - 2001? So are saying Jones wasn’t churning during this period, but afterward?



So just because I’m posting actual statistics and not hear say, I’m a Jone’s GP. I thought you could come back with something better than that.



And if Edward Jones clients are so unsofisticated, then why are you so jealous of Edward Jones that you need to spend so much time bashing them.



So your answer to what your firm does with revenue sharing is that they don’t share it with you. So in other words it goes into the pockets of the exectives at your firm. Interesting.



BPD



_____________________________________________

The grass is still GREENER where you water it!

I bet I can point to the fact that we did not generate $100 million in revenue sharing.  I bash Jones for just a couple of reasons.  The #1 reason is the behavior of the GPs.  The whole complaint argument is pretty sad on your part.  We all know that the internet craze and the market downturn had a lot to do with the complaints.  We also know that sophisticated clients understand the ramifications of complaints.  So I don't understand why you can't understand what I am stating.  Jones does prey on unsophisticated clients and since they don't push stocks, they were lucky with the bubble bursting on them.  Now Bachman will tell you good ol boys that he purposely stayed away from online trading and such.  But we know the truth is he knew his technology system #1 could not accomodate it,  #2 the mode of supervision would cause the regulators to scream and #3 the lack of overall financial intelligence with the brokers is pretty low.

Jones got lucky.  But come back to me now since Jones is actually making the headlines.  Or how about I come back to you in a few months.  Complaints are 1 thing and class action suits are another. After "The Bulldog" has his fun the headlines will be busy.

And yes, Jones was churning mutual funds during this time frame.  It is just too sad that Maws and Paws of the world cannot look at a Morningstar to see that their Franklin, Oppenheimer, etc. funds that were dumped and reinvested into the junk at Jones far outperformed whatever mark you told them.  But I almost forget, you guys sell American Funds.  Isn’t that the company moto now?

The whole complaint argument is pretty sad on your part. We all know that the internet craze and the market downturn had a lot to do with the complaints.



Truth,



From what I’ve heard Jones is a buy and hold shop. I doubt their clients were out of the market during the down turn.



So are you saying Jones had fewer complaints / arbitartions during this time frame because they were not as effected by the “internet craze and the market downturn” as other firms? And if this is the case it is because "They got lucky."



I used to beleive in you Truth, but this is a little far fetched. Maybe it’s time to change your screen name again?



BPD



______________________________________________

The grass is still GREENER where you water it!

Truth, I gotta admit… Jimmy’s got you so far. Your argument above is rather lame for you. You are generaly sharper than that. Time to regroup?

Not time to regroup because the facts still stand out.  Break down what dominates the complaint arena.  Margin and stock losses stand out.  The fact that Jones does not rank high in the number of complaints has more to do with what they push than how strong their “ethics” are.  I was just trying to add some more beef as to why complaints may be low.  The bottom line is Jones is a mutual fund/annuity chop shop and nothing a GP or BPD or anyone else can defend.  You will hear we hold our average funds longer than any other company.  Well, that is great and let’s also add that you are talking about funds that are originally purchased at Jones.  What the real truth will show is that the inexperience of the Jones reps and the push on preferred funds lead the brokers to churn out of good fund companies that transfer in and then repositioned into crap funds at Jones.  No broker at that firm can dispute this.

Truth,



Oh mighty one, what is your product mix?

We did nothing wrong, and we have plenty of funds to ride out this minor inconvenience. We can hire plenty of people who don’t ask any questions and do as well tell them to do. We know best. Just do as we tell you to do, it will all be fine.

You are pretty funny JonesGP, the problem is your are right about a few things.

Jones GP I cannot believe that you would defend an organization that sponsored the Van Pearcy/ Hartford funds roadshow. How much money did all those investors loose when their EDJ rep took them out of American Funds and put them Hartford for more revenue sharing money. I know of alot of now GP’s who did just that, and yes they were rewarded not condemned. You speak as if everything will be fine now. But according to the numbers on this discussion board there are 16000 people out there who were once EDJ brokers alot of them are bitter from the experience and willing to talk to authorities regarding EDJ salespractices. I believe it is far from over for Edward Jones.

Good point Former.  I know of one GP that moved all of his assets within about a 6 month timeframe into Hartford Funds.  And he was not shy about explaining why.  Where was compliance at I asked?  They were pretty much told to turn their heads from what I hear. 

It is amazing to read from the Jones people here about how optimistic they are about the California case and the other class action suits.  Little do they now there are so many other shady practices that only the vets on this board know about.

Not time to regroup because the facts still stand out. Break down what dominates the complaint arena. Margin and stock losses stand out. The fact that Jones does not rank high in the number of complaints has more to do with what they push than how strong their “ethics” are. I was just trying to add some more beef as to why complaints may be low. The bottom line is Jones is a mutual fund/annuity chop shop and nothing a GP or BPD or anyone else can defend. You will hear we hold our average funds longer than any other company. Well, that is great and let’s also add that you are talking about funds that are originally purchased at Jones. What the real truth will show is that the inexperience of the Jones reps and the push on preferred funds lead the brokers to churn out of good fund companies that transfer in and then repositioned into crap funds at Jones. No broker at that firm can dispute this.

1)  moving towards 40% in fee based business with closed end and exchange traded funds making up the next portion.  I probably have 10 annuities on my book and none inside IRAs.  I don't have muni bonds inside the IRAs either.  A Jones guy would get a laugh out of that one. 

2)  from what I hear there was pressure from compliance and ultimately there was a meeting of the minds with the sales side still winning out.  You have brokers out there and if you are an insider you know who I am talking about that sell a good percentage 40% of annuities inside of IRAs.  The A share is a smoke screen to present to the regulators.  It is an attempt to say we do not sell annuities for the commission because we offer A shares.  We just feel that annuities are the right choice of investment for the client.  But I assume they leave out the revenue sharing element there too.

Next question??

Truth, how do you feel about Annuities that offer a dollar for dollar withdrawal with a GMIB rider at 6% in an IRA for a client who is currently withdrawing income?

Jones GP I cannot believe that you would defend an organization that sponsored the Van Pearcy/ Hartford funds roadshow. How much money did all those investors loose when their EDJ rep took them out of American Funds and put them Hartford for more revenue sharing money. I know of alot of now GP’s who did just that, and yes they were rewarded not condemned. You speak as if everything will be fine now. But according to the numbers on this discussion board there are 16000 people out there who were once EDJ brokers alot of them are bitter from the experience and willing to talk to authorities regarding EDJ salespractices. I believe it is far from over for Edward Jones.

[quote=formeredjbroker]Jones GP I cannot believe that you would defend an organization that sponsored the Van Pearcy/ Hartford funds roadshow. How much money did all those investors loose when their EDJ rep took them out of American Funds and put them Hartford for more revenue sharing money. I know of alot of now GP's who did just that, and yes they were rewarded not condemned. You speak as if everything will be fine now. But according to the numbers on this discussion board there are 16000 people out there who were once EDJ brokers alot of them are bitter from the experience and willing to talk to authorities regarding EDJ salespractices. I believe it is far from over for Edward Jones.[/quote]

What about the public who relied on the salespractices of EDJ reps?  They were steered into funds in which some of the fund families got into legal trouble ie Putnum.  Looks likely a major class action suit is brewing that will have legs!

BYSTANDER-  I don’t believe in annuities inside of IRAs period.  The vehicle is too expensive and the riders are only an enticement to push the product.  How long is the average variable annuity held?  Once you answer that question you will realize why these riders seem appealing.  The hold time is somewhere short of 6 years before some other salesman such as a Jones broker comes in and gets the client to 1035 it away.  Bottom line is the annuity companies charge for these riders and never expect to have to pay on them.  Does this answer your question?

Truth, I’m sorry but it did not answer my question, I asked you about a 6% GMIB rider that is dollar for dollar in which the client is currently taking withdrawals, you do understand how this works, correct?

I do but I was talking about riders on annuities in general.  In your example you are discussing 1 potential where you can make a case only because the 6% cannot be obtained in other secure investments as a supplement to withdrawals.  But I still will not sell these products because:  1) the clients very rarely understand how they work, let alone some reps  2)  the bullseye will be squarely on those that push variable annuities.

Those that live and die by annuities will look to the past 3 years in the market as a reason to push them.  I tend to look at a much longer horizon with also the understanding that the fees can and do eat away at the gains.

Truth, you still haven't demonstrated that you know how the rider works in conjunction with current withdrawals...

He's amswered your question. Simply put, the 6% GMIB is a gimmick. If you're client's rational and you have a clue about managing an income focused portfolio you can do better and the client will pay less.

Stan, what would be your counter proposal?

I didn’t know I was taking a test Mr. Bystander.  The rider speaks for itself.  I don’t know how to dumb it down.  How do you counter the tax situation on annuities when you take money out?

False,



A test for you:



How do you counter the tax situation on an IRA/401k when you take money out?



Maybe you better stop putting money in your 401k.



Make sense to you false?

The tax situation goes like this. Pay me now or pay me later when I’m in a lower tax bracket. I’ll take the annuity everytime. If you do the math it works out every time even with the increased expenses.

Everyone is entitled to their own opinion, but the bottom line is if you can sleep well out night knowing you sold a tax-deferred product inside of an already existing tax-deferred vehicle, then more power to you.  I would argue you are selling it for the commission and I think regardless of your riders or anything else you might throw out there, my argument is valid.  Well, at least the regulators will be siding with me on this argument.

But I guess your annuity beats a muni bond inside of an IRA.

Ok, time to give my two cents, or three, maybe four.

Truth,  drop the Orman book.  Don't let her suck you in. 

How much do you pay for the tax-deferral of an annuity that is already inside of a tax-deferred IRA?  Nothing.  So what's the problem?  I am sick and tired of the critics who think annuities are this God -awful investment.  If you ask me, they are usually the ones that have no clue how an annuity works or what there purpose is in a portfolio.  

Wake up people, the "tax-deferral" term of an annuity is not a rider, therefore the client isn't paying extra for it.  What some investors may want is the opportunity to particpate in the market while at the same time being able to sleep at night knowing that they have certain guarantees built in in case the crap hits the fan again.  I have had the spouses of clients whom were grateful their deceased spouse had the death benefit guarantees on their contracts in 01' and 02'.  Tell me that's not worth something.

Obviously annuities, whether in or out of an IRA, are not appropriate for everyone.  However, if I have a client that is willing to pay a little extra to have certain guarantees and those guarantees will help them sleep at night, I will not hestiate to offer an annuity.  Many of them like the idea of being able to annuitize at retirement.  Will they need it?  Maybe not, but what if they do.  I can't give those types of guarantees to my non-annuity clients.

Comparing an annuity to a muni bond in an IRA is narrow minded.

Never said anything you mentioned and I do know plenty about v. annuities.  Enough to know that #1 they ARE very expensive and the fees are difficult to explain to clients  #2 they are now the #1 target of the regulators as I am sure you know.  So why sell an inferior product that is very expensive?  Commissions would seem to be the logical answer.

Now to a few of the points that you made that are worth commenting on.  1)  I agree annuities MAY work for someone, but the issue is and what started all of this is guys that push variable annuities to every Tom, Dick and Harry that walk in the door.  And you know this happens.  Second, the reference to the muni bonds was an inside joke that pertained to Jones people.

I think it is pretty narrow minded to use '01 and '02 as the timeframe where clients were happy they had a death benefit.  How about use '03 and '04.  Or how about use a 10 year timeframe of your choice.  Annuities rarely utilize the 2 features they are designed for:  annuitization, hence the name of the product and #2 the death benefit.  Try selling some term life insurance next time.  Your client will understand it much easier.

Don't get your panties in such of a bunch next time!

____________________________________

Nothing hurts worse more than the truth

I didn’t know I was taking a test Mr. Bystander. The rider speaks for itself. I don’t know how to dumb it down. How do you counter the tax situation on annuities when you take money out?

[quote=The Truth]

Never said anything you mentioned and I do know plenty about v. annuities.  Enough to know that #1 they ARE very expensive and the fees are difficult to explain to clients  #2 they are now the #1 target of the regulators as I am sure you know.  So why sell an inferior product that is very expensive?  Commissions would seem to be the logical answer.

Now to a few of the points that you made that are worth commenting on.  1)  I agree annuities MAY work for someone, but the issue is and what started all of this is guys that push variable annuities to every Tom, Dick and Harry that walk in the door.  And you know this happens.  Second, the reference to the muni bonds was an inside joke that pertained to Jones people.

I think it is pretty narrow minded to use '01 and '02 as the timeframe where clients were happy they had a death benefit.  How about use '03 and '04.  Or how about use a 10 year timeframe of your choice.  Annuities rarely utilize the 2 features they are designed for:  annuitization, hence the name of the product and #2 the death benefit.  Try selling some term life insurance next time.  Your client will understand it much easier.

Don't get your panties in such of a bunch next time!

I hear ya, as I've had many of the same concerns in the past.

Yes it sucks that some folks in our biz sell VA's to everyone regardless of cost or benefit.

That being said I've recently come to the conclusion that  perhaps I don't appreciate how many folks need that 'security blanket' to take the (perceived) risk of investing in the market....and if they don't make the decision to BUY when the dow is at 7200 because they view risk as being too high, I've done them a disservice.

Food for thought!

____________________________________

Nothing hurts worse more than the truth

I understand what you are saying but who are you investing for?  I hear people say boy the heirs are sure glad we purchased a variable annuity the last couple of years.  And I say boy that poor old soul in the ground is excited too.  Sure some people do invest for their family and heirs, but the discussion centered around variable annuities in all cases.

[quote=The Truth]I understand what you are saying but who are you investing for?  I hear people say boy the heirs are sure glad we purchased a variable annuity the last couple of years.  And I say boy that poor old soul in the ground is excited too.  Sure some people do invest for their family and heirs, but the discussion centered around variable annuities in all cases.[/quote]

Yes Truth, and there are many folks out there who need equity exposure and aren't willing to take the risk without some sort of guarantee.  There are riders which can provide benefits to the owner while they are still living, btw.  You need to inform yourself a bit about the various GMWB and GMIB living benefit riders that are out there.

I do understand where you're coming from, as I used to feel much the same way.  I still think many over-use annuities, and I don't put many in retirement plans, but I have had a real change of heart regarding the product class.

"How much do you pay for the tax-deferral of an annuity that is already inside of a tax-deferred IRA? Nothing. "

Uh? You don't really think the insurance wrapper is free, do you?

<?:namespace prefix = o ns = “urn:schemas-microsoft-com:office:office” /><o:p>

I said;

"He's answered your question. Simply put, the 6% GMIB is a gimmick. If you're client's rational and you have a clue about managing an income focused portfolio you can do better and the client will pay less."

Bystander then asked;

“Stan, what would be your counter proposal?”

My counter proposal would be to show the client how highly unlikely it is that he’ll need the overpriced “guarantee” of an annuity by using historic examples of rolling ten year periods going back almost 200 years. I’d then show him the expense of the annuity wrapper, then show him a balanced, diversified income oriented bond/stock portfolio. Then, I’d ask him why HE thinks I’d forego that massive annuity ticket I could write for him.

Finally, I’d tell him that if, after everything I’ve said he still wants/needs the “guarantee”, I’d show him the best annuity available given the benefit/cost compromises. I'll either sell him a protfolio or sell him an annuity, but I'll get be taking the business most every time from the guy that didn't give him both sides of the issue.

When a nuts and bolts individual in a well know insurance company explains to you how the riders work it pretty much closes the door for me.  The riders work because after 5 years in an annuity the percentages are quite high that some other insurance/annuity salesman will convince the client to 1035 out to another product offering another rider.  I understand how the riders work, but I also understand how many annuities are exchanged.  Insurance companies make money and they are good for them, can't always say that for the client.

Well stated STAN.

It’s difficult to read such non-sense about “this & that”, do what’s right & the best for the client… Sometimes insurance products work & sometimes mutual funds work - everyone is entitled to their opinion. How can anyone on this thing single out individuals?? …like the former Top Producer that “Sage” feels compelled to throw around and put in print.  I know this person, and you have no idea as to the effort this person goes through to do the “right thing” even away from Jones (as well as when he was with EJ), revenue sharing or not.  Obviously you have been provided incorrect pieces of info. (“Hartford Road Show”) & it is ill-advised to be so unwise (stupid) to put it in print.  EJ is a good company… but they slip up every now and then as they ALL do at some point.  

I didn’t know I was taking a test Mr. Bystander. The rider speaks for itself. I don’t know how to dumb it down. How do you counter the tax situation on annuities when you take money out?

BigPayDay(BRAINWASHED)

You can't HANDLE THE TRUTH..

ANSWER THE QUESTIONS?

[quote=The Truth] I didn’t know I was taking a test Mr. Bystander. The rider speaks for itself. I don’t know how to dumb it down. How do you counter the tax situation on annuities when you take money out?

BigPayDay(BRAINWASHED)

Enlighten us: 

I answered your questions, ANSWER MINE:

BigPayDay, Here are your answers

Jones settled because they thought it was in the best interest of our clients and our advisors. It is very difficult to fignt the U.S. Government in court or for that matter in the press. We did not admit or deny any wrong doing. Are you say JONES DID NO WRONG, YES OR NO ! no "WEASEL" words..?

Doug Hill took the sword for the firm. I know you won't believe this, but it is the truth. HE negotiated the settlement and as he said "There is no one person bigger than the firm." "BS", HE KEPT IS BUTT OUT OF JAIL...FACT!    You are living in FANTASY LAND, CALL THE ATTORNEY GENERAL IN MISSOURI, ASK DOUG HILL TO TELL HIM, THAT IN WRITING! CHECK OUT THE WSJ, I KNOW YOUR CLIENTS DON'T READ IT, BUT YOU NEED TO, IT'S BEEN REPORTED SEVERAL TIMES, GO READ IT! 
As far as other firms not doing revenue sharing, take a look at the following:  NOT ALL FIRMS REVENUE SHARE , YES OR NO?  i SAY NO, WHAT YOU SAY?

http://www.americanfunds.com/pdf/mfgepb-905_gfab.pdf

see page 26.

Yes there are SEVERAL indy firms on the list including Ray Jay and LPL. BUT NOT ALL, ARE THERE ?

As far as Jones being a laughing stock, I doubt it. Maybe to you Jones Failures, but our greatest critic, our clients, in a survey done in Jan and Feb of this year ranked Edward Jones #1 in customer satisfaction. We don't have to answer to the press or envious, jealous Jones failures like you. We serve our clients. Period.

Actually I was very successful at Jones, a Partner, always made top bonus level, recruited, and trained for the FIRM, I got PO'd because the GP's would not fully disclose what was going on , and kept telling us that the "SEC" CHECKING US(JONES) OUT WAS NOTHING! THAT WAS NOT TRUE, WAS IT?

THE GREED OF THE GP'S FINALLY CAUGHT-UP WITH THEM AND THE FIRM, YES OR NO ?

lthough we do not do Wrap Fees in lieu of commission, we do have a Fee Based Advisory program for HNW who are investing $500k or more. Most folks investing under $500k can invest less expensivly than a Fee Based pogram and usually aren't in a high enough tax bracket where writing off the advisory fees helps their taxes. YOU NEED EDUCATION, AND FACTS IN THIS AREA, CHECK IT OUT...THERE IS A REAL WORLD OUT THERE FOR YOU AND YOUR CLIENTS TO DISCOVER, like full discloser, of FEES & CHARGES, and JONES is not close to the lowest!

A few months ago you, Lance Legs, & uwec something or other were saying Jones didn't have enough capital to stay in business. Well guess what? We just had our best trimester in the firm's history. We are in the 40% bonus bracket, almost as high as the heydays of the late '90s. Our limited Partnership, which as averaged 22% since 1990, is at an annualized rate through the first 4 months of over 20%. Over 1/2 of our IRs went on a diversification trip last contest period. Did I mention being the Lexus of the Financial Services industry with our highest Customer Satisfaction rating in JD Powers annual survey? Jones dumped $58million into our profit sharing plan last year. (How much of that goes towards GPs? Zero!) Should I go on?

Get your Facts straight:

1) PLAYER never said such a thing as Jones had a Financial Problem, California could change that?  DO NOT PUT MY NAME WITH THOSE OTHERS

2) JD Power award never asked those clients "How would you feel if Edward Jones got fined for 75 Million Dollars by the SEC, but didn't feel their clients were important enough to tell them about it ? 

What do you think the rating would be then?

3) Your Ir's going on Trips, they pay taxes on, revenue they produced and they live off 38%, so getting back part of the 62% you left on the table is not really too smart is it ?  There is no FREE LUNCH or TRIPS, even at EDWARD JONES?

It isn't as bad as you Jones Bashers (i.e. Jones Failures) wish it was.

I LEFT WHAT IS YOUR EXCUSE?  How can you stand your FIRM , not disclosing to your CLIENTS, what has happen...or can you justify anything...like Bill 3 Mil Hill the FRAUD JUMPER? 

You need to get Jones out of your head. Move on. Life's too short. You may want to seek professional help.

BigPayDay, I have moved on but when I read Hippocrates like you touting how GREAT THE FIRM IS, when the FIRM has failed to be HONEST to their CLIENTS....I FEEL ASHAMED,for Ted & Edward Jones, they would be rolling over in their graves, wouldn't you?

I don't understand how you have put up with out demanding FULL DISCLOSURE for YOU & your clients, or DOESN'T THAT MATTER TO YOU?

ASK YOUR CLIENTS WHAT THEY THINK ABOUT IT, IF YOU HAVE THE GUTS? 

I feel us x-jonsers care more about the integrity of the Firm's past,  than you hanger on's, at least we could look our clients right in the eye and say we have explained everything they should know about our GREAT FIRM, can you really do that now?

Big Pay Day
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The Grass is GREENER where you water it!

BigPayDay

BigPayDay (Brainwashed),

At least I can answer questions, let's see what your answers are ?

Are you AFRAID of the TRUTH?

There has never been a JONES SUPPORTER on here yet that has answered QUESTIONS, they only fire back insults...is that how they are teaching salemanship at Edward Jones......

SHOW US WHAT YOU ARE MADE OF "PUNK" make my DAY....